Vish Govindaswamy, during their remarks, sought to dispel the misconceptions surrounding some of the criticisms of the ISFTA.
This asymmetry was accommodated in the ISFTA right from the outset, by offering a longer tariff liberalization period for Sri Lanka, a larger negative list, favourable rules of origin, etc.
Under the existing arrangement under ISFTA
, India has granted two sets of apparel quotas at zero duty to Sri Lanka: 3 million pieces without fabric sourcing requirements from India and another 5 million pieces per year, which should be only made of Indian fabrics.
You may have also noted that during the year 2011 the total trade between our 02 countries under ISFTA
has been nearly 01 Billion US Dollars.
The existing ISFTA
will become the Good Chapter of CEPA with further improvements.
The objective of the Conference was to discuss the outcomes of a study carried out by the Institute of Policy Studies on TF issues identified by both Sri Lankan and Indian exporters/importers that use ISFTA
and to arrive at possible modalities as to how these measures could be implemented in Sri Lanka based on international best practices.