Business Daily from THE HINDU group of publications
Thursday, Jul 06, 2006
Business Daily from THE HINDU group of publications Thursday, Jul 06, 2006 |
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Industry & Economy
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Foreign Trade `Imports under FTA not to hurt domestic industry' Our Bureau
New Delhi , July 5 India told Sri Lanka that imports under the bilateral free trade agreement should not adversely affect the domestic industry and such an engagement through FTA should be a win-win situation bringing economic benefits to both sides. The Union Commerce and Industry Minister, Mr Kamal Nath, said this in the wake of vanaspati imports under the Indo-Sri Lanka FTA, when the issue was raised by the visiting Sri Lankan Minister for Trade, Commerce, Consumer Affairs and Highways, Mr Jayaraj Fernandopulle, called on him here last evening. An official statement issued here said vanaspati accounts for more than 40 per cent of the total imports coming from Sri Lanka and it has been canalised through the NAFED earlier this year. Voluntary export restraint limiting export of duty-free vanaspati from Sri Lanka to 2.5 lakh tonnes per annum has also been under negotiation. The Sri Lankan Minister urged rescinding of canalisation. The Indian side noted the concern of Sri Lanka and said it would look into the matter in consultation with the domestic industry. Mr Nath also conveyed New Delhi's concern about import of pepper and marble and underlined the need to avert switch trade. Both sides noted the benefits from the FTA and in particular the fact that trade between India and Sri Lanka had almost quadrupled in the last six years.
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