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India, Sri Lanka to begin talks on ETCA pact

Later this month, India and Sri Lanka will begin negotiations to finalise the Economic and Technology Co-operation Agreement (ETCA), it is gathered.

Bilateral relationships between the two countries has deepened considerably since Sri Lankan President Maithripala Sirisena took over in 2015, Sri Lanka's Minister of Development Strategies and International Trade, Malik Samarawickrama reportedly said.

The ETCA is expected to help Sri Lanka gain better access to India's rapidly growing market. The minister is said to have said that India happened to be Sri Lanka's largest trading partner and the fifth-largest source of Foreign Direct Investment.

Sri Lanka is also negotiating a similar trade agreement with China, its second-largest trade partner. The pact would provide an opportunity for Indian investors to set up base in Sri Lanka and export to China with preferential access to that country's market.

Similarly, the island nation is also looking at signing trade agreements with Singapore, Pakistan, South Korea and Japan.

 
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