Talks between New Delhi and Colombo paused after 11 rounds of negotiations held between 2016 and 2018.

“During this spherical, each the perimeters took inventory of the progress made until the eleventh spherical and engaged in discussions on varied chapters together with commerce in items, technical limitations to commerce, sanitary and phytosanitary measures, commerce in companies, customized process & commerce facilitation, guidelines of origin, commerce cures, financial & know-how cooperation and dispute settlement. Both sides recognized the areas of convergence and areas the place they should discover artistic options,” according to an official release.

“During this round, both sides reviewed the progress on implementation and decided to drop nine issues as being resolved. Issues such as the quota on apparel and pepper and the procurement of pharmaceuticals were also discussed and both sides decided to continue the discussion and explore new options for resolution of the matter,” it stated.

The ECTA was mentioned by Prime Minister Narendra Modi and President Ranil Wickremesinghe through the latter’s go to to India in July.

“On the proposed ETCA, either side agreed on the necessity to construct on progress made in previous, whereas revisiting their positions wherever doable to replicate new developments. The conclusion of the negotiations is predicted to open new alternatives for commerce and financial cooperation for each international locations. The India-Sri Lanka ETCA might be a pivotal transfer to additional improve bilateral commerce between the 2 international locations. Both sides acknowledged the large potential in India and Sri Lanka commerce partnership and the chances for enhanced financial relations in areas of mutual curiosity,” as per the release.

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Updated: 01 Nov 2023, 09:15 PM IST