INCLUSION OF SERVICES IN FTA WITH SRI LANKA LIKELY
Date : 21 Feb 2003
Location : New Delhi
A Free Trade Agreement (FTA) between India and Sri Lanka was signed on 28th December, 1998 in New Delhi. The FTA has been made operative by the issuance of Customs Notification on 1st March, 2000. The Agreement envisages phasing out of tariffs on all products, over a period of time, except for a limited number of items in the negative list. While India would complete the process of tariff elimination over a period of 3 years, Sri Lanka would achieve this over 8 years. During the first meeting of the Joint Ministerial Committee (JMC) held in New Delhi on 7th June, 2002, both sides have agreed in-principle to include trade in services to widen the ambit of the India-Sri Lanka Free Trade Agreement. It has been agreed that a Task Force shall be set up for concretising the proposal for inclusion of trade in services in the FTA between the two countries, Shri Arun Jaitley, Minister of Commerce & Industry, said in a written reply in the Lok Sabha today.