CEPA review expedited

The Agency Committee appointed to review the proposed Comprehensive Economic Partnership Agreement (CEPA) with India, has been asked to expedite work on the matter, officials said yesterday.

The CEPA which provides for more liberalized trade between Sri Lanka and India was to be initially signed in 2008. However, it was put on hold due to concerns by certain quarters including local businessmen and industrialists.

Inter

It was put on hold due to concerns by certain quarters including local businessmen and industrialists.

However, Trade and Commerce Ministr y Secretar y Tilak Collure told the Daily Mirror yesterday the government wanted to rever t to the issue, and accordingly, his Minister Rishad Bathiudeen obtained Cabinet approval for the appointment of an Inter-agency Committee to study the agreement in consultation with all the stakeholders.

"It was appointed mid last year.

They are working on it at the moment. Both India and Sri Lanka have no deadline for signing of the CEPA. However, the review process has been expedited," he said.

Recently, leading economist Prof. Rohan Samarajeewa emphasized the need for Sri Lanka to improve its trade relations with India fur ther by signing the proposed agreement.

"If there is growth in India, we will have to ride on it. Other wise, it will be disadvantageous to us," he said. The main opposition UNP also said Sri Lanka should look at positively on this matter. However, par ties such as the JVP have expressed reser vations about such a trade pact with India. They argued that the influx of low cost Indian products would marginalize local producers.