NEW DELHI: The ninth India-Sri Lanka Joint Business Council meeting being held on November 3 at Colombo will deliberate upon the India-Sri Lanka Comprehensive Economic Partnership Agreement (CEPA), bilateral investment opportunities, possible cooperation in the services sector and tourism promotion between India and Sri Lanka. It is expected to recommend early signing of the agreement.

The Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) and its Indian counterpart, FICCI, are jointly organising the meeting. K.G. Baalakrishnan, Chairman of K.G. Denim, a leading textile business house from South India and Granwille Perera from Sri Lanka will be the respective chairmen of the delegations.

Mr. Baalakrishnan is leading a 25-member delegation, which includes CEOs and senior representatives from MMTC, COSCO, Varun Beverages, ICICI Bank, State Bank of India, Grasim Industries, Jawaharlal Nehru Port Trust, EXIM Bank, Ceylon Glass Co Limited and CEAT tyres.

There will also be crucial one-to-one business meetings. The team will call on important Ministers there.

Sri Lanka is India's major trading partner in South Asia and bilateral trade has grown in the last 10 years — by almost five times from $ 523 million in 1996-97 to $ 2.6 billion in 2005-06. India's exports stand at $2018.2 million in 2005-06. India is Sri Lanka's biggest source of imports and largest export destination in Asia. At the global level, it accounts for 16.7 per cent of Sri Lanka's imports in 2005. It is the third largest market for Sri Lanka's exports after the U.S. and U.K. accounting for seven per cent of its total exports in 2005.

The JBC provides a platform to the industries of both countries to strengthen business linkages and has significantly contributed to enhancing economic ties.

A FICCI study released on Wednesday favours enlarging the horizon of the Free Trade Agreement by moving into a Comprehensive Economic Partnership Agreement. It wants the CEPA negotiations to take into account the potential items of trade while arriving at a consensus on tariff and non-tariff issues.

The document also recommends that the Rules of Origin criteria should be appropriately identified for minimising trade disputes. It endorses the JBC's suggestions for promoting trade in services between the two countries specifically in telecommunications, tourism, health, education and financial services.

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