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12th round of ETCA negotiations conclude

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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)

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Fuel prices upped

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The Ceylon Petroleum Corporation (CPC) has announced a revision of fuel prices, effective from midnight today (June 30).

The price of Petrol 92 Octane has been increased by Rs. 12 to Rs. 305 per litre, while the price of Kerosene has been increased by Rs. 07 to Rs. 185 per litre. The price of Auto Diesel has also been increased by Rs. 15, bringing it to Rs. 289 per litre.

However, the prices of Petrol 95 Octane and Super Diesel remain unchanged, according to Ceypetco.

The new fuel prices are as follows:

• Petrol Octane 92 – Rs. 305 (increased by Rs. 12)
• Auto Diesel – Rs. 289 (increased by Rs. 15)
• Kerosene – Rs. 185 (increased by Rs. 7)
• Petrol Octane 95 – Rs. 341 (not revised)
• Super Diesel – Rs. 325 (not revised)

Meanwhile, Lanka IOC has also revised retail fuel prices to match Ceypetco prices.

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“Sri Lanka, only Asian country currently holding talks to revise Trumps’ tariffs”

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Sri Lanka is the only country in the Asia region currently holding discussions with officials in the United States to revise the tariffs introduced by US President Donald Trump earlier this year, according to Minister of Labour and Deputy Minister of Economic Development Prof. Anil Jayantha Fernando.

Joining the Parliamentary debate today (30), where MPs are debating the fiscal strategy statement of the government, the Deputy Minister of Economic Development stated that they are hopeful the government will be able get a better deal from the US regarding the 44% tariff imposed earlier this year.

A Sri Lankan delegation last month held discussions in Washington, D.C., focusing on tariff-related matters, following an invitation extended by the Office of the United States Trade Representative (USTR).

The reciprocal tariffs imposed by United States President Donald Trump has been paused for 90 days at present.

Deputy Minister of Economic Development Prof. Anil Jayantha Fernando in Parliament stated that the government will take all steps within their powers to reduce the tariffs imposed by the US which will have a major bearing on many local industries.

The Deputy Minister while the government is taking such important steps to safeguard local companies, the opposition is only focused on jeopardizing the work of the present administration

(adaderana.lk)

(Except for the headline, this story, originally published by adaderana.lk has not been edited by SLM staff)

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Indian officials extend US visit to iron out trade deal, sources say

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Officials from India will extend their Washington visit to try to reach agreement on a trade deal with U.S. President Donald Trump’s administration and address lingering concerns on both sides, two Indian government sources said on Monday.

Trade talks between India and the U.S. have hit roadblocks over disagreements on import duties for auto components, steel, and farm goods, ahead of Trump’s July 9 deadline to impose reciprocal tariffs.

The Indian delegation had been expected to conclude discussions by last Friday, but was staying on until at least Monday evening to iron out differences and move towards an agreement, officials said, declining to be named as the discussions are private.

“There are certain disagreements over opening up the agriculture and dairy sectors, though India has offered tariff concessions on 90% of tariff lines. A final call will be taken by the political leadership of the two countries,” one of the government sources said.

“The Indian delegation could stay for another one to two days if discussions continue,” the second source said.

India’s commerce ministry and the U.S. Trade Representative Office did not immediately respond to requests for comment.

Agriculture and dairy are “big red lines” for India in its ongoing trade negotiations with the U.S., Finance Minister Nirmala Sitharaman told the Financial Express newspaper in an interview published on Monday.

“Yes, I’d love to have an agreement, a big, good, beautiful one; why not?” Sitharaman said, adding that an early conclusion of the trade deal would serve India better.

Trump said last week that America was going to have a “very big” trade deal with India, but gave no details.

(Reuters)

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