Sri Lanka, India resume talks on ETCA after five year hiatus

by Zulfick Farzan 02-11-2023 | 12:17 PM

COLOMBO (News 1st); Sri Lanka and India have re-engage in negotiations with regard to the stalled Economic and Technology Cooperation Agreement (ETCA) after a five-year hiatus.

The President's Media Division said that the 12th Round of Economic and Technology Cooperation Agreement (ETCA) negotiations took place from the 30th of October to the 1st of November 2023 in Colombo.

Talks between New Delhi and Colombo stalled after 11 rounds of negotiations held between 2016 and 2018.

The Indian Ministry of Commerce and Industry was quoted as saying that over two days, both sides took stock of the previous rounds of negotiations and reviewed the progress on implementation, and have decided to drop nine issues, marking them resolved.

The Sri Lanka President's Media Division said that a delegation of 19 Indian officials, led by Shri Anant Swarup, Chief Negotiator and the Joint Secretary of the Department of Commerce, Ministry of Commerce and Industry of India, visited Sri Lanka and engaged in extensive discussions on this comprehensive Agreement.

The discussions during the 12th Round covered a wide range of topics, including Goods, Services, Rules of Origin, Trade remedies, Customs Procedures and Trade Facilitation, Technical Barriers to Trade, Sanitary and Phytosanitary Measures and Legal and Institutional Affairs. Additionally, a special session was dedicated to addressing implementation-related issues of the existing India-Sri Lanka Free Trade Agreement (ISFTA), said the PMD.

The President's Media Division notes that the resumption of ETCA negotiations represents a significant step towards strengthening the economic partnership between Sri Lanka and India.

"It underlines the commitment of both nations to foster collaboration in various sectors, ultimately benefiting their economies and the well-being of their citizens. As the talks progress, it is anticipated that this agreement will open up new avenues for trade and investment, bringing prosperity to both nations in the ever-evolving global landscape," it added.

The Indian Ministry of Commerce and Industry had noted that issues such as the quota on apparel and pepper and the procurement of pharmaceuticals were also discussed, and both sides decided to continue the discussion and explore new options for resolution of the matter.

The resumption of trade talks also coincides with Indian Finance Minister Nirmala Sitharaman's three-day visit to Sri Lanka.