COLOMBO, Aug. 4 (Xinhua) -- The proposed Economic and Technology Cooperation Agreement (ETCA) between India and Sri Lanka would benefit Sri Lanka immensely, a statement quoting India's High Commissioner in Sri Lanka Y. K. Sinha said on Thursday.
In a statement released by the Ceylon Chamber of Commerce, Sinha who was speaking at the 8th Annual General meeting of the Indo, Lanka Chamber of Commerce and Industry held in the capital said that while the India, Sri Lanka Free Trade Agreement had been beneficial to both countries, the ETCA agreement, proposed by Sri Lankan Prime Minister Ranil Wickremesinghe when he visited India in September 2015, would also focus on sectors such as capacity building, technology, vocational training, IT and tourism, among others.
Sinha added that the first round of negotiations on the ETCA would take place soon.
He also reassured that India was aware that greater economic integration requires moving in an asymmetric manner.
"India was prepared to move at a pace which Sri Lanka is comfortable with and address Sri Lankan concerns as well as take measures to facilitate Sri Lankan exports to India," the statement said.
Noting that India had attracted Foreign Direct Investments amounting to U.S. 40 billion dollars in 2015 to 2016, the Indian High Commissioner stressed that Sri Lanka needed to take advantage of its proximity to India by linking into value chains and supply chains.
Highlighting the new and transformative phase in the India, Sri Lanka bilateral relations, High Commissioner Sinha stated that four high level bilateral visits took place within first 90 days of the formation of a new government in Sri Lanka in January 2015.