India, Sri Lanka to sign economy, technology pact by year-end

ranil-wickremesinghe2-knt-621x414livemintIndia and Sri Lanka will sign the Economic and Technology Cooperation Agreement (ETCA) by the end of this year, Prime Minister Ranil Wickremesinghe said today as both countries look to cement ties further, Live Mint reported.

Addressing the India Economic Summit organized by the World Economic Forum (WEF), Wikremesinghe said, “We are cognizant that the economic asymmetry between Sri Lanka and India will increase in the future when the latter emerges as a major global player in an increasingly multipolar world. The India-Sri Lanka FTA (Free Trade Agreement) will be further expanded and deepened to go beyond trading goods to cover trade in services, investments and technology cooperation.”

“The proposed economic and technology cooperation agreement will be signed by end of this year…Prime Minister (Narendra) Modi and I decided that we should conclude it by this year,” he added.

He pointed out that the economic and technology cooperation agreement offers a strategic economic advantage to Sri Lanka and the fast-growing southern Indian states. “These five southern states have a population of 250 million and a combined GDP of $450 billion. With an addition of Sri Lanka $80 billion, the GDP in this sub regional economy will cross $500 billion,” he said.

He added that along with the free trade agreement between Sri Lanka and Singapore, the Comprehensive Economic Partnership Agreement (CEPA) between India and Singapore and the ETCA between India and Sri Lanka will establish a tripartite agreement for trade and investments.

Wickremesinghe, who is on a three-day visit to India, said he also floated the idea in a meeting with Modi of getting countries like Indonesia and Malaysia and BIMSTEC (The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) countries to be a part of the larger economic partnership.

He also downplayed fears of Sri Lanka’s military ties with China around investments in the one belt one road programme that envisages massive Chinese investments in infrastructure building in the island nation. “There has been a lot of suspicion that there is a military element to it. But that is not there. We have told this very clearly to the Chinese and they have agreed,” he said. (Colombo Gazette)


  1. By the ETCA proposed agreemt going to be sing between two countries according to UNP-leaders “Primer Modi and I decided that we should concloud by this year’……Ranil .w…siad his statment .
    Unfortuanly ETCA still not that tranaspracy to Public and Membres of Parliment,which is unknown to the entire world.

    Following issues has be address by public hearing in key to proposed ETCA before rectificity.
    1 Local TRADING servicies
    2 Locilization of INDUSTRIES

    There is many terms and conditions of ETCA are really undermined our nationl interest .
    Why is that Ranil.W… and Modi has not come to the public and listen to people and proposed agreemet going sing without people consent ?
    We are democratic nation ,by Indin that force us to sing this agreement,of ETCA but majority People of
    Sri lanakan has not give their consent .

    The problem is not that just an economic one .
    Histrocially FTA between two countries have created unfavourable trade imbalancs to Sri lankn side which that fertile ground for Indian protectionism.

    That is against WTO guide line,
    There for we want govt of Sri lanak follow
    WTO Artical IV part of its section 7 “…As funcations the committee on Trade and Development shall periodically REVIEW the special provisions in the Muttilateral Trade Agreement in favour of the least developed country Members and report to the General Council for APPROPRIATE ACTION……”
    Setcion 8 says “…under those Agreement and shall operat within the institutional framework of the WTO….”
    We think that Primer Ranil W… himself cannot decided by that nationlly an importnat ETCA by his own interest and his Indian party vested interest.

    That is undermined ours Economic sovereighnty. of Sri lanka.

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