Key Investment and Trade Agreements under Negotiation in Sri Lanka

(January 31, Colombo, Sri Lanka Guardian) Since the commencement of the year 2008, Sri Lanka has been actively engaged in a series of negotiations in trade and investment agreements with key countries from within and outside the region, according to a statement released by the Ministry of Foreign Affairs in Colombo.

The 11th round of Technical Level Negotiations with India on the Comprehensive Economic Partnership Agreement (CEPA) between Sri Lanka and India was held from 2 – 4 January 2008 in Colombo. Also the 2nd Review Meeting of the Pakistan – Sri Lanka Free Trade Agreement and First Round of Technical Level Negotiations on a Comprehensive Economic Partnership Agreement (CEPA) with Pakistan was held on 24 – 25 January 2008 in Colombo. Senior officials of the Ministry of Foreign Affairs, the Department of Commerce, the BOI and other key agencies participated in these negotiations.

In the meantime, the First Round of Negotiations on an Investment Promotion and Protection Agreement with Kuwait was concluded at the Ministry of Foreign Affairs in Colombo on 30 January 2008. After two days of negotiations, considerable progress had been made on the draft text and the two Parties have agreed to convene the next round of negotiations early with a view to finalizing the Agreement. Senior officials of the Ministry of Foreign Affairs and the Board of Investment took part in the negotiations.

The Sri Lanka – Kuwait negotiations will be followed by negotiations on a Sri Lanka – Jordan Investment Promotion and Protection Agreement, from 6-7 February 2008.

Sri Lanka Embassies in Kuwait and Jordan have actively pursued the convening of these negotiations with relevant authorities in the respective capitals.

Sri Lanka has so far concluded over 26 Investment Promotion and Protection Agreements. The Agreements are designed to create a conducive legal environment to generate the flow of foreign capital.

The series of negotiations that are being held in the trade and investment spheres signifies the continuing investor confidence in Sri Lanka.