India and Sri Lanka have concluded the 12th round of talks on the Economic and Technology Cooperation Agreement (ETCA) in Colombo, Sri Lanka. The negotiations, spanning from 30th of October till yesterday, marked a significant step in revitalising the bilateral economic relationship. The delegations from both sides delved into a spectrum of critical areas, including Trade in Goods, Technical Barriers to Trade, and Trade in Services.
Both sides hailed the progress achieved during the previous discussions, and decided to treat 9 issues as resolved. Both sides agreed to continue discussions on matters including apparel quotas and pharmaceutical procurement. Emphasizing the need to build upon their achievements, the delegations agreed to remain open to revising their positions in light of new developments.
The India-Sri Lanka ETCA is being seen as a pivotal move to further enhance bilateral trade between the two countries. Both sides acknowledged the huge potential in India and Sri Lanka trade partnership and the possibilities for enhanced economic relations in areas of mutual interest. India was Sri Lanka’s largest trading partner with an overall bilateral merchandise trade of 5.45 billion dollars in 2021.