Modi pushes for India, Sri Lanka to ink CEPA

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Modi pushes for India, Sri Lanka to ink CEPA

Prime Minister Narendra Modi said cooperation among South Asian nations would be of huge benefit to all members and pushed for India and Sri Lanka to ink the long-pending Comprehensive Economic Partnership Agreement (CEPA). Addressing the Ceylon Chamber of Commerce, the Prime Minister also said that India's large economic size should not be a cause of worry as a stable and peaceful neighbourhood is needed for development and progress.

Modi said the South Asian region is rich in resources and comprises a large market, and cooperation among members would be of huge benefit to all. He said, "Size is no constraint to beneficial partnerships if we use our strengths and seize our opportunities" and cited the example of cooperation with Bhutan in hydropower and with Nepal in manufacturing exports.

He said India will work to make trade smoother and invest in regional connectivity. He said even as Sri Lanka's exports to India having grown 16 times there are concerns about the huge trade imbalance. "I want balanced growth in trade. We will try to make it easier and smoother for you to access the Indian market. That is part of my philosophy of ease of doing business in India. Our agreement on customs cooperation is a step in that direction," he added.

He said India has free trade agreements with ASEAN and others countries and added that India and Sri Lanka "should move boldly to conclude a Comprehensive Economic Partnership Agreement".