PM elaborates on bilateral, regional economic relations at Indian Economic Summit

PM elaborates on bilateral, regional economic relations at Indian Economic Summit

PM elaborates on bilateral, regional economic relations at Indian Economic Summit

Written by Tharushan Fernando

06 Oct, 2016 | 8:48 pm

Prime Minister Ranil Wickremesinghe, who is currently in New Delhi, made an important announcement at the opening plenary of the Indian Economic Summit 2016.

Prime Minister Ranil Wickremesinghe pointed out that the tariff and the non-tariff barriers that have denied enterprises the opportunity of getting access to the latest technology and know-how and deprived consumers of the best quality of goods and services, are being liberalised

“We are also taking measures to see a rapid improvement of the ease of doing business by the early part of 2018,” he said.

He went on to point out that small domestic markets are insufficient to sustain growth, therefore a shift to greater orientation is required to achieve a growth of 08% while the trade policy will focus on gaining access to these markets and this is the tripartite arrangement.

The Prime Minister made note of the proposed Economic And Technology Cooperation Agreement stating that the India – Sri Lanka FTA between the two countries will be further expanded and deepened to go beyond trading goods to cover trade-in-services , investments and technology cooperation -while the Proposed Economic and Technology Cooperation Agreement will be signed by the end of this year.

“Prime Minister Modi and I decided we must conclude it by end of this year”, said Premier Wickremesinghe who explained that ECTA offers a strategic economic advantage to the country and the fastest growing southern Indian states.

He noted that these five states — Karnataka, Tamil Nadu, Andhra Pradesh, Kerala and Telangana — have a population of 250 million people and a combined GDP of nearly $450 billion, with the addition of Sri Lanka of 22 million people and $80 billion economy, the GDP in the sub-region will be $500 billion.

“This is without getting together. Just imagine if we work together”, he said

He noted that ECTA has the potential to promote a rapid growth of $500 billion in the sub-region economy.

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