May 24, Sri Lanka's main opposition United National Party (UNP) has called for the amendment of the Comprehensive Economic Partnership Agreement (CEPA) with India in a way that would get the maximum benefit to local industries in Sri Lanka.
Issuing an official statement yesterday (23) Chief Opposition Whip John Amaratunga said the UNP had studied the CEPA agreement in a broad manner and had informed the party's stand on it to both India and the Sri Lanka governments.
He has stated that the Sri Lankan government could present the ideas expressed by the UNP if the government finds them acceptable and have discussions with India on these lines.
However, Amaratunga has noted that the UNP was not in favour of abolishing the CEPA agreement altogether, but was concerned over the preparing a fresh one which only few businesses would benefit.
The Indian media recently reported that India was trying to revive the CEPA agreement with Sri Lanka following the conclusion of the presidential and general elections in Sri Lanka.
The Economic Times of India reported recently that the two countries already have a working free-trade agreement (FTA) and had negotiated a CEPA that was ready to be signed in 2008. The agreement however did not materialize due to Sri Lanka's political situation and the war against LTTE.
Some Sri Lankan groups say the CEPA benefits India more than Sri Lanka and would adversely affect Sri Lankan businesses. Sri Lankan businesses argue that the country cannot implement CEPA due to monitoring and regulatory inadequacies in the system.
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