Sri Lanka trade chamber hails ETCA with India

A leading Sri Lankan trade chamber has welcomed the proposed Economic and Technology Cooperation Agreement with India, saying it will widen bilateral economic engagement but underlined the need for clear communications in tackling issues faced by businesses here.

The Ceylon Chamber of Commerce reaffirmed their complete support towards the agreement that "widens and deepens our economic engagement with India," while reiterating the need for systematic stakeholder consultations, clear and coherent communications, and firm commitment to tackling issues faced by businesses.

Any bilateral or regional agreement that Sri Lanka forges must be supportive of the country's holistic economic interests must recognise size asymmetry of the economy and must take a phased approach to liberalisation where domestic regulatory systems need updating.

The ETCA agreement seeks to boost cooperation in technical areas, scientific expertise and research amongst institutions, boost standards of goods and services able to compete on the global market and improve opportunities for manpower training and human resource development.

The Chamber observed with concern the level of misinformed opposition proliferating in the media regarding the proposed ETCA, which can in part be attributed to the lack of robust information sharing and a systematic consultative process.