Sri Lanka and China to conclude FTA by March 2017

Sri Lanka and China hope to conclude discussions on the?Free Trade Agreement (FTA) by March 2017, Minister of Development Strategies and International Trade Malik Samarawickrama said today.

He said that a Chinese Government delegation is due in the county next week to have further discussions on the deal.

The Minister said that the proposed FTA mainly looks at the apparel sector, tea, gem and jewelry, rubber, coconut and spices.

Samarawickrama also said that talks are underway to establish a special investment zone in which Chinese investors will be allocated 15,000 acres of land.

The Minister said that the Government is in the process of identifying suitable land for the investment zone.

Apart from China, Sri Lanka is also in talks with India and Singapore to sign an FTA, the Minister said.

He said the Government will soon have a trade policy under which all trade agreements with foreign countries will be signed.

The?opposition has raised concerns over the trade deals Sri Lanka is negotiating, particularly with India, but Samarawickrama said that the draft of all trade agreements will first be put before parliament before it is signed.

He also said that a draft on the trade agreement with India has been prepared by Sri Lanka and it will be made public soon.

The Minister said the trade agreement with India will mainly cover the automobile and pharmaceutical industries. (Colombo Gazette)