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| Monday, 1 September 2003 |
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SINGAPORE, (AFP) - Singapore and Sri Lanka will begin exploratory talks in October for a comprehensive economic partnership agreement (CEPA), including elements of a free-trade pact, the two governments said over the weekend. Preliminary talks should lead to the launching of formal negotiations in the middle of next year or even earlier, a joint statement from the Singapore Trade Ministry and the Sri Lankan Commerce Ministry released here said. The decision to start the talks followed a call by Sri Lankan Minister for Commerce and Consumer Affairs Ravi Karunanayake on Singapore Trade Minister George Yeo here. "The CEPA will include a Free Trade Agreement for the liberalisation of bilateral trade in goods and services, investment liberalisation and other cooperation elements," it said. In the first six months of this year, bilateral trade totaled 506 million Singapore dollars (289 million US), up 18 percent from a year ago. Sri Lanka is Singapore's 46th largest trading partner, while Singapore is Sri Lanka's 5th largest trading partner. Top trade items include refined petroleum, electrical and information technology products, seafood and perfume. Singapore is currently in negotiations with Sri Lanka's neighbour India for a CEPA that would also include a free-trade accord. Indian Minister for External Relations Yaswant Sinha, who was visiting Singapore on Tuesday, said he hoped the two countries will conclude the talks by early next year. Trade-reliant Singapore has inked free trade pacts with its major trading partners, including the United States, Australia and Japan to ensure access to its vital export markets. Sri Lanka also plans to have more trade and investment ties with Singapore's immediate neighbour Malaysia, to which Prime Minister Ranil Wickremesinghe will lead a delegation on September 9. Minister Prof. G.L. Peiris addressed an 'Opportunity Sri Lanka' seminar in Kuala Lumpur last week, where the Board of Investment urged Malaysian manufacturers to use Sri Lanka as a springboard to enter into one billion-strong Indian market. Sri Lanka will be mooting a free trade agrement with Malaysia too. Malaysia's Minister of Works, Datuk Seri Samy Vellu said Malaysia is looking forward to assist Sri Lanka in its endeavours for economic development and prosperity. |
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