High Commissioner of Sri Lanka in India Urges Accelerated Implementation of BIMSTEC Free Trade Agreement at Business Summit
In an address at the BIMSTEC Business Summit 2024 held at the Taj Palace, New Delhi, Sri Lanka’s High Commissioner to India, Kshenuka Senewiratne, emphasized the critical need for the early operationalization of the BIMSTEC Free Trade Agreement (FTA).
Commending the Government of India and the Confederation of Indian Industry for organizing the summit, Mrs. Senewiratne underscored its pivotal role in fostering collaboration among BIMSTEC member states. Despite the absence of her minister due to pressing engagements in Sri Lanka, she took the opportunity to highlight the summit’s focus on enhancing regional economic integration.
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| Sri Lanka’s High Commissioner to India, Mrs. Kshenuka Senewiratne [Photo: Special Arrangement] |
Reflecting on Asia’s rich history and interconnectedness, Mrs. Senewiratne remarked, “Asia’s rich history and diverse cultures have long been interconnected through trade, diplomacy, and shared heritage. Our Asian maritime routes are a testament to the longstanding bonds that unite us.” She highlighted Sri Lanka’s strategic position in the Indian Ocean, emphasizing its role in historical exchanges within the BIMSTEC region.
Despite the geographical proximity of BIMSTEC countries, the region remains notably under-integrated. Mrs. Senewiratne pointed out that while inter-regional trade has grown from USD 4.8 billion to USD 35.96 billion between 2000 and 2022, there is still significant potential for further growth. “While the volume of inter-regional trade is currently insignificant, there is enormous potential for enhancing economic relations between the member countries,” she stated.
Reaffirming Sri Lanka’s commitment to strengthening trade relations and investment opportunities within BIMSTEC, Mrs. Senewiratne emphasized that the establishment of the FTA would pave the way for a more prosperous and resilient region. “The establishment of a BIMSTEC Free Trade Agreement will undoubtedly pave the way for a more prosperous and resilient BIMSTEC area,” she asserted.
The High Commissioner also acknowledged the historical context of BIMSTEC, referring to the 1997 Bangkok Declaration, which aimed to foster rapid economic development in the region. Despite progress over 20 rounds of negotiations under the 2004 Framework Agreement, the FTA remains to be finalized. She noted that while member states have various sensitivities, ongoing negotiations have been characterized by a spirit of cooperation and compromise.
Mrs. Senewiratne called for renewed efforts to overcome obstacles and unlock the region’s full potential. She urged investors to “think outside the box and focus more concertedly on the issues of contention with a view to arriving at solutions.” She also highlighted the importance of trade facilitation and mutual assistance in customs matters, referencing the recent BIMSTEC Foreign Ministers’ Retreat, which emphasized the need for accelerated efforts to finalize the FTA and related agreements.
Concluding her speech, Mrs. Senewiratne urged BIMSTEC member states to build on existing trade agreements to further strengthen economic ties and create opportunities for mutual benefit and regional development. “The establishment of such a cooperative mechanism in the area of trade and investment in this dynamic regional bloc will create many opportunities for mutual benefit, economic growth, and regional development, with the objective of improving the standard of living for all our peoples,” she said.
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