India and Sri Lanka have reinitiated discussions on the Economic and Technology Cooperation Agreement (ECTA) following a five-year hiatus, the government announced on Wednesday.
Resumption of Talks
The 12th round of negotiations on the ECTA took place in Sri Lanka from October 30 to November 1, rekindling a dialogue that had been put on hold since 2018. During the recent discussions, both sides assessed the progress made so far and made significant decisions.
Issues Under Consideration
Several critical matters were deliberated upon, including the quota on apparel and pepper, as well as the procurement of pharmaceuticals. Both parties decided to continue discussions on these topics and explore new avenues for resolution.
Progress and Challenges
The negotiations involved in-depth conversations on various chapters, encompassing trade in goods and services, technical barriers to trade, sanitary and phytosanitary measures, and dispute settlement. The discussions helped identify areas of agreement and aspects where innovative solutions are needed.
Moving Forward
Regarding the proposed ECTA, both India and Sri Lanka recognized the importance of building upon previous progress while reevaluating their positions where necessary to incorporate recent developments.
Future Opportunities
The successful conclusion of these negotiations is expected to pave the way for fresh trade and economic prospects for both nations. It signifies a significant step in further strengthening bilateral trade and cooperation, fostering mutual growth and development.