Thu, 25 Apr 2024
22:41:28
New Chapter:
26 Jun 2013
01:18:17
New chapter opens in Indo-Lanka trade
Jun 26, 2013 (SLBO) - As bilateral trade between the historic neighbours crossed $ 4B, a new chapter has opened in Indo-Lanka trade ties with the first ever Joint Task Force (JTF) coming into play.
Strong signs of greater Indian market access for Lankan exporters and prompt resolution of trade barriers for them are the other developments in this new turn. “We are working to boost bilateral trade to $ 10 B and as trade ties have improved greatly, the new understanding reached between both countries is a good sign for our bilateral trade future” said Rishad Bathiudeen, Minister of Industry and Commerce of Sri Lanka on 25 June in Colombo.
Minister Bathiudeen was addressing the Indian Official Delegation led by S. R. Rao, the Indian Commerce Secretary, on 25 June at the EDB premises in Colombo. Indian Commerce Secretary Rao was accompanied to Sri Lanka by Duleep Mehta (Indian DG Commerce) and officials of Department of Commerce of India.
The bilateral trade between both countries totalled $ 4.087 B in 2012 and in January-April 2013, it stood at $ 1.17 B. During 2008, India allowed duty free entry for 3 million pieces of apparel products from Sri Lanka without any restrictions under ISFTA and in April 2013, the quota was increased to 8 million pieces.
At the successful bilateral Secretarial level commercial cooperation session of 24 June where Indian side was led by S. R. Rao (the Indian Commerce Secretary), and Sri Lankan side led by Dr. P.B. Jayasundera (Secretary to the Ministry of Finance and Planning-together with Anura Siriwardena, Industry and Commerce Secretary), both countries agreed on a process of speedy, immediate solutions faced by exporters at both ends.As a result and henceforth, any Lankan exporter facing difficulties in Indian ports can immediately contact the Lankan Department of Commerce for prompt resolution of the situation at hand. The understanding reached at 24 June Secretarial level meeting has resulted in prompt dispute resolution and removal of non-tariff-barriers faced by Lankan exporters accessing the promising Indian marketplace.
On the evening of 24 June, Department of Commerce officials of both sides also successfully concluded the first ever Joint Task Force (JTF) meeting to be held between the two countries.In 2012, in order to pursue an effective plan of action to reap the maximum benefits out of the existing mechanism the two governments have formed a Joint Task Force (JTF) that will include both government officials and private sector representatives.The Indo-Lanka JTF is now in operation.
Sri Lankan team at JTF was led by Anura Siriwardena (Secretary, Industry and Commerce) while Indian team was led by Arvind Mehta (Joint Secretary – South Asia).Apart from government officials, reps from private sector too joined the JTF sessions that continued successfully for more than two hours. Reps from Lanka National Chamber of Exporters, Indo-Lanka CEO Forum as well as the Joint Apparel Association of Sri Lanka (JAAF) were in the Lankan team while among the Indian reps were from the Pharmaceutical Export Promotion Council of India (Pharmexcil), Ashok Leyland and one of India's leading infrastructure development and finance companies ‘Infrastructure Leasing & Financial Services Limited (IL&FS).
During the 24 June’s first JTF session, both sides discussed in depth as to ways and means of boosting trade cooperation to new levels. Indian reps focused, among others, on increasing investments and trade in Sri Lanka in textiles, pharma and automotive component export manufacturing while Sri Lankan reps, in discussing their requirements, highlighted maximum utilisation the FTA and removal of export quotas.
“We are very happy of the results of the meetings we held so far in Colombo” revealed an upbeat Secretary Rao to Minister Bathiudeen.“The Joint Task Force (JTF) on bilateral trade also completed its first ever meeting on 24 June. The JTF has also decided to meet once in every three months. We are looking forward to the second JTF meeting in October or November this year” Rao stressed. “We want to see Sri Lanka’s exports to India growing further. In fact we want to expand asymmetrical trade with South Asia region and Sri Lanka is at the top of the list. In fact, South Asia is extremely important to us. It is only to South Asia that I travel with my own Minister. I am also pleased to inform you that India has liberalised its restrictions on export of two fruits from Sri Lanka to India-namely, mangosteen and rambutan” Rao added.
“The JTF model works well. This fruitful JTF meeting paved the way for agreements in principal on concepts to be implemented” voiced a satisfied Secretary Siriwardena.
Also present during the session were Anura Siriwardena (Secretary, Ministry of Industry and Commerce), PD Fernando (Director General –Department of Commerce), officials of Department of Commerce, (HE) Yashvardhan Kumar Sinha (Indian High Commissioner to Sri Lanka), (HE) P Kumaran (Deputy High Commissioner of India to Sri Lanka), and Manish (Counsellor- High Commissioner of India), among others.
Strong signs of greater Indian market access for Lankan exporters and prompt resolution of trade barriers for them are the other developments in this new turn. “We are working to boost bilateral trade to $ 10 B and as trade ties have improved greatly, the new understanding reached between both countries is a good sign for our bilateral trade future” said Rishad Bathiudeen, Minister of Industry and Commerce of Sri Lanka on 25 June in Colombo.
Minister Bathiudeen was addressing the Indian Official Delegation led by S. R. Rao, the Indian Commerce Secretary, on 25 June at the EDB premises in Colombo. Indian Commerce Secretary Rao was accompanied to Sri Lanka by Duleep Mehta (Indian DG Commerce) and officials of Department of Commerce of India.
The bilateral trade between both countries totalled $ 4.087 B in 2012 and in January-April 2013, it stood at $ 1.17 B. During 2008, India allowed duty free entry for 3 million pieces of apparel products from Sri Lanka without any restrictions under ISFTA and in April 2013, the quota was increased to 8 million pieces.
At the successful bilateral Secretarial level commercial cooperation session of 24 June where Indian side was led by S. R. Rao (the Indian Commerce Secretary), and Sri Lankan side led by Dr. P.B. Jayasundera (Secretary to the Ministry of Finance and Planning-together with Anura Siriwardena, Industry and Commerce Secretary), both countries agreed on a process of speedy, immediate solutions faced by exporters at both ends.As a result and henceforth, any Lankan exporter facing difficulties in Indian ports can immediately contact the Lankan Department of Commerce for prompt resolution of the situation at hand. The understanding reached at 24 June Secretarial level meeting has resulted in prompt dispute resolution and removal of non-tariff-barriers faced by Lankan exporters accessing the promising Indian marketplace.
On the evening of 24 June, Department of Commerce officials of both sides also successfully concluded the first ever Joint Task Force (JTF) meeting to be held between the two countries.In 2012, in order to pursue an effective plan of action to reap the maximum benefits out of the existing mechanism the two governments have formed a Joint Task Force (JTF) that will include both government officials and private sector representatives.The Indo-Lanka JTF is now in operation.
Sri Lankan team at JTF was led by Anura Siriwardena (Secretary, Industry and Commerce) while Indian team was led by Arvind Mehta (Joint Secretary – South Asia).Apart from government officials, reps from private sector too joined the JTF sessions that continued successfully for more than two hours. Reps from Lanka National Chamber of Exporters, Indo-Lanka CEO Forum as well as the Joint Apparel Association of Sri Lanka (JAAF) were in the Lankan team while among the Indian reps were from the Pharmaceutical Export Promotion Council of India (Pharmexcil), Ashok Leyland and one of India's leading infrastructure development and finance companies ‘Infrastructure Leasing & Financial Services Limited (IL&FS).
During the 24 June’s first JTF session, both sides discussed in depth as to ways and means of boosting trade cooperation to new levels. Indian reps focused, among others, on increasing investments and trade in Sri Lanka in textiles, pharma and automotive component export manufacturing while Sri Lankan reps, in discussing their requirements, highlighted maximum utilisation the FTA and removal of export quotas.
“We are very happy of the results of the meetings we held so far in Colombo” revealed an upbeat Secretary Rao to Minister Bathiudeen.“The Joint Task Force (JTF) on bilateral trade also completed its first ever meeting on 24 June. The JTF has also decided to meet once in every three months. We are looking forward to the second JTF meeting in October or November this year” Rao stressed. “We want to see Sri Lanka’s exports to India growing further. In fact we want to expand asymmetrical trade with South Asia region and Sri Lanka is at the top of the list. In fact, South Asia is extremely important to us. It is only to South Asia that I travel with my own Minister. I am also pleased to inform you that India has liberalised its restrictions on export of two fruits from Sri Lanka to India-namely, mangosteen and rambutan” Rao added.
“The JTF model works well. This fruitful JTF meeting paved the way for agreements in principal on concepts to be implemented” voiced a satisfied Secretary Siriwardena.
Also present during the session were Anura Siriwardena (Secretary, Ministry of Industry and Commerce), PD Fernando (Director General –Department of Commerce), officials of Department of Commerce, (HE) Yashvardhan Kumar Sinha (Indian High Commissioner to Sri Lanka), (HE) P Kumaran (Deputy High Commissioner of India to Sri Lanka), and Manish (Counsellor- High Commissioner of India), among others.
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