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India Sri Lanka Free Trade Agreement


Introduction

The Government of the Republic of India and the Government of the Democratic Socialist Republic of Sri Lanka, (hereinafter referred to as the "Contracting Parties"). CONSIDERING that the expansion of their domestic markets, through economic integration, is a vital prerequisite for accelerating their processes of economic development. BEARING in mind the desire to promote mutually beneficial bilateral trade. CONVINCED of the need to establish and promote free trade arrangements for strengthening intra-regional economic cooperation and the development of national economies. FURTHER RECOGNIZING that progressive reductions and elimination of obstacles to bilateral trade through a bilateral free trade agreement (hereinafter referred to as "The Agreement") would contribute to the expansion of world trade. HAVE agreed as follows:


Objectives

The Contracting Parties shall establish a Free Trade Area in accordance with the provisions of this  Free Trade  Agreement and in conformity with relevant provisions of the General Agreement on Tariff and Trade, 1994.

The objectives of this Agreement are:

  • To promote through the expansion of trade the harmonious development of the economic relations between India and Sri Lanka.
  • To provide fair conditions of competition for trade between India and Sri Lanka
  • In the implementation of this Agreement the Contracting Parties shall pay due regard to the principle of reciprocity
  • To contribute in this way, by the removal of barriers to trade, to the harmonious development and expansion of world trade

References

For further details please visit the sites:-

commerce.nic.in
adb.org