S.Lanka, India to Renegotiate Free Trade Agreement

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Last updated at: (Beijing Time) Monday, June 03, 2002

S.Lanka, India to Renegotiate Free Trade Agreement

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Sri Lanka will seek the inclusion of a new category under "trade in services" sector in the Indo- Lanka Free Trade Agreement (FTA) expected to be re-negotiated in New Delhi on Thursday and Friday, state-run Daily News said on Monday.

The inclusion of the new category in the FTA signed in March 2000 will decide in principle specific service sectors which will be identified by both countries. These are likely to be shipping, freight forwarding, clearing and forwarding and information technology.

Minister of Commerce and Consumer Affairs Ravi Karunanayake will lead a team at the Delhi talks focusing on reviewing trade between the two countries and the trade imbalance which stand in favor of India.

The controversial garment and tea exports categories which Sri Lanka considers heavily biased in India's favor will also be discussed at the meeting.

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