News

12th round of ETCA negotiations conclude

Published

12 months ago

November 2, 2023

editor

In a significant development that marks a milestone in Sri Lanka’s economic and technological journey, the 12th Round of Economic and Technology Cooperation Agreement (ETCA) negotiations between Sri Lanka and India took place from the 30th of October to the 1st of November 2023 in Colombo.

Sri Lanka’s vision has always been to integrate with the largest economies in Asia and East Asia, emphasizing export diversification while maintaining and nurturing existing major export markets. The ultimate goal is to connect with key players through the global value chain to boost the country’s economy and improve the living standards of its people.

The discussions during this round of negotiations hold immense promise. The visit of the President of Sri Lanka to New Delhi on the 29th of July 2023 set the stage for a renewed commitment to the ETCA, which had been on hold since 2018. Both the Heads of States, representing Sri Lanka and India, agreed to comprehensively enhance bilateral trade and investments, especially in new and priority areas.

A delegation of 19 Indian officials, led by Shri Anant Swarup, Chief Negotiator and the Joint Secretary of the Department of Commerce, Ministry of Commerce and Industry of India, visited Sri Lanka. They engaged in extensive discussions on this comprehensive Agreement.

Representing Sri Lanka in these crucial negotiations was the National Trade Negotiating Committee (NTNC), headed by Mr. K.J. Weerasinghe, the Chief Negotiator from the Presidential Secretariat. The Sri Lankan Negotiation Team included representatives from the Ministry of Foreign Affairs, Ministry of Trade, Commerce and Food Security, Ministry of Industries, Department of Trade & Investment Policy, Attorney General’s Department, Department of Commerce, Department of Agriculture, Central Bank of Sri Lanka and Board of Investment, among others.

The discussions during the 12th Round covered a wide range of topics, including Goods, Services, Rules of Origin, Trade remedies, Customs Procedures and Trade Facilitation, Technical Barriers to Trade, Sanitary and Phytosanitary Measures and Legal and Institutional Affairs. Additionally, a special session was dedicated to addressing implementation-related issues of the existing India-Sri Lanka Free Trade Agreement (ISFTA).

This resumption of ETCA negotiations represents a significant step towards strengthening the economic partnership between Sri Lanka and India. It underlines the commitment of both nations to foster collaboration in various sectors, ultimately benefiting their economies and the well-being of their citizens. As the talks progress, it is anticipated that this agreement will open up new avenues for trade and investment, bringing prosperity to both nations in the ever-evolving global landscape.

(President’s Media Division)

News

President attends progress review meeting of Energy Ministry

Published

8 hours ago

October 15, 2024

editor

President Anura Kumara Dissanayake attended the progress review meeting of the Ministry of Energy this morning (Oct. 15).

President Anura Kumara Dissanayake pointed out that, similar to other countries where the energy sector holds a prominent position, Sri Lanka too has given the energy sector a leading role, and he also mentioned that the Ministry of Energy is one that generates revenue, and with higher earnings, there are societal discussions about possible irregularities.

President Anura Kumara Dissanayake stated that during this Presidential election, the people had voted with expectations, and he is committed to fulfilling that mandate.

President Anura Kumara Dissanayake highlighted that the public has placed their trust in a new political tradition due to dissatisfaction with the old political culture, the economic problems they face, and their dissatisfaction with the performance of the public service.

The President mentioned that the public believes corruption, fraud, and mismanagement are behind the country’s economic collapse, and that the people have given this mandate to prevent these issues. He further stated that he would protect the trust placed in him by the people to stop corruption and fraud across the public sector, and urged public servants to fulfill their responsibilities properly.

The President further stated that public wealth must be protected like religious property, and no one has a legitimate right to subject that wealth to fraud or corruption.

President Anura Kumara Dissanayake stated that the commitment of the current public servants is essential to create an efficient and effective public service that satisfies the citizens, and he is ready to take every step necessary to achieve this.

The President emphasized that public servants must act with responsibility and accountability to fulfill the structure, goals, and expectations of this mandate, and stated that his political leadership team is prepared to provide the necessary leadership for this.

President Anura Kumara Dissanayake further noted that he stands by every public action taken in the public’s interest within the boundaries of official duty and will not hesitate to take necessary action if improper acts are committed.

A detailed and extensive review was conducted regarding the current projects in the energy sector and those scheduled for implementation over the coming years.

Further discussions were held on how to achieve the goals of the energy sector over the next three years, as well as the short-term and long-term relief that could be provided to the public.

Professor Udayanga Hemapala, Secretary of the Ministry of Energy; Dr. Tilak Siyambalapitiya, Chairman of the Ceylon Electricity Board; Engineer K.G.R.F. Comester, General Manager of the Ceylon Electricity Board; and Janaka Rajakaruna, Chairman of the Ceylon Petroleum Corporation and the Ceylon Petroleum Storage Terminals Limited, along with several officials from the Ministry of Energy, participated in this event.

(President’s Media Division)