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 President’s Media Division (PMD) reported.
The PMD claims that the talks during this round of negotiations are very promising and that President Ranil Wickremesinghe’s visit on July 29, 2023, created the conditions for a renewed commitment to the ETCA, which had been put on hold since 2018. The heads of state of Sri Lanka and India decided to expand bilateral trade and investments to a broad extent, with a focus on new and important areas.
Nineteen Indian officials, including the Chief Negotiator and Joint Secretary of the Department of Commerce, Ministry of Commerce and Industry of India, Shri Anant Swarup, led the delegation that travelled to Sri Lanka. They had lengthy conversations about this all-inclusive Agreement.
