The Hindu Business Line : India, Lanka to set up trade negotiating panel

INDIA and Sri Lanka have agreed to set up a trade negotiating committee, its working groups and sub groups to set out a road map for negotiations to conclude the Comprehensive Economic Partnership Agreement (CEPA).

This emerged at the conclusion of the second round of negotiations between India and Sri Lanka.

The negotiations, which concluded today, were led by the Commerce Secretary, Mr S.N. Menon, and the Sri Lankan Commerce Secretary, Mr S. Urithamulla.

An official statement issued today states that it was decided that the working groups should submit their report in four months, that is by June this year, so that the CEPA can be concluded at the earliest.

The negotiations would include widening and deepening free trade in goods under the existing Free Trade Agreement signed between India and Sri Lanka, which has been in operation since March 2000.

On services, investment and economic cooperation, the working groups will identify the areas that would be of mutual benefit and recommend the modalities for a substantial increase in bilateral trade and economic cooperation.

It was also agreed that the report of the Joint Study Group submitted to the two Governments in October 2003 would be a useful reference document and provide inputs for negotiations.

Besides, it was also decided to explore the possibility of setting up of an Economic Cooperation fund that would facilitate the flow of investments from India to Sri Lanka.

At the meeting it was also agreed that the next round of negotiations would be held in Colombo next month.

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