Indo- Lanka set to finalize CEPA

(December, 31, Colombo, Sri Lanka Guardian) An Indian trade delegation would be in Sri Lanka from January 2-4, 2008 with expectation to conclude discussions on the Comprehensive Economic Partnership Agreement (CEPA). The two countries have been working for 2 years to finalise the said Agreement.

The Director General of the Department of Commerce stated that issues pertaining to trade in goods and the service sector have to be discussed in a manner that would benefit both the countries. The Director General also expressed optimism and sanguinity that the talks in January would be fruitful and the text of the CEPA could be finalised.

The discussions have so far focused on trading in goods and services and on the contents of the Agreement. The issues pertaining to the implementation of the Free Trade Agreement (FTA) such as Vanaspathi and apparel would be discussed, in detail.

Secretary, Ministry of Export Development and International Trade, stated that the issues related to service sector would have to be negotiated in a mutually beneficial manner to the two countries, given the increasing opptunities.

The discussions would focus on customs co-operation, Mutual Recognition Agreement (MRA), co-operation in the Ayurveda sector and export of Vanaspathi as well as different sectors under the Agreement. The discussions would be headed by the Director General of the Department of Commerce and her Indian counterpart, the Joint Secretary to the Ministry of Commerce and Industry of India.