Deputy Minister of Industry and Entrepreneurship Development Chaturanga Abeysinghe stated today that the government is not opposed to free trade agreements and will begin negotiations with India to address concerns regarding the Economic and Technology Co-operation Agreement (ETCA) proposed in 2018.
He clarified in Parliament that while the ETCA has not yet been finalized, discussions with the Indian government will take place to resolve any issues.
Abeysinghe also addressed concerns about the Singapore Free Trade Agreement, emphasizing that the government is not avoiding it but needs more time to review the terms.
The main concern, according to the industry, is that Singapore is not a producing country, and questions have arisen about the country of origin for goods imported from Singapore, as well as the value added to these products.
He concluded by highlighting that the government’s stance on free trade agreements is positive, as free trade has benefited many countries globally.
However, he noted that Sri Lanka’s experience with such agreements has been less successful due to the lack of a solid industrialization and product development strategy to fully capitalize on these agreements.
