Government says Sri Lanka's FTA with India is favorable to India

The Sri Lankan government today said that the balance of trade between Sri Lanka and India is highly favourable for India since the signing of the Free Trade Agreement (FTA).

The Indo-Lanka FTA was signed in December 1988 and entered into force on March 18, 2010 and at that time the balance of trade stood at US$ 544.4 million in favour of India.

Industry and Commerce Minister Rishad Bathiudeen made this comment in parliament in response to a question posed by United National Party MP Ravi Karunanayaka.

The Minister's response stated that the balance of trade between the two countries under the FTA in favour of India was US$ 665 million in 2002, US$ 835 million in 2003, US$ 972 million in 2004, US$ 881 million in 2005, US$ 1.3 billion in 2006, US$ 2.2 billion in 2008 and US$ 1.3 billion last year.