India, Sri Lanka to double trade to by 2015: Sharma

Anand Sharma addressing the inauguration of "The India Show- Land of Limitless Opportunities", in Colombo on August 03, 2012.

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SME Times News Bureau | 04 Jul, 2012
India and Sri Lanka have set a target to double bilateral trade to $10 billion by 2015, India's Commerce and Industry Minister Anand Sharma said Friday.

"We have set a target to double bilateral trade to $10 billion by 2015. Captains of industry have accepted and endorsed it," Sharma said while addressing the inaugural function of "India Show" here.

Sharma along with Sri Lanka's Minister of Economic Development Rishad Bathiudeen and Minister of Industry and Commerce Sarath Amunugama, inaugurated the event.

Sharma said India was not seeking reciprocity in trade and economic relationship with Sri Lanka and assured Sri Lanka of preferential access to the large Indian market.

"Accepting the principle of asymmetry, that India has always done as the leading economy of South Asia, we are not seeking reciprocity," he said.

Signing of the Comprehensive Economic Partnership Agreement (CEPA) will make the current economic engagement more comprehensive by bringing more investment and services into Sri Lanka.

The minister said the commerce secretaries of India and Sri Lanka will resume dialogue to resolve issues related to CEPA.

Earlier during a meeting with Sri Lankan ministers, Sharma offered India's assistance to Sri Lanka in the establishment of a special economic zone for manufacture of engineering and automobile components to be located near Trincomalee, according to a statement released by the ministry of commerce and industry.