Sri Lanka can benefit from trading with India given its ever growing market size, enhance SLR-INR trade settlements and attract investments into key sectors with export potential, a press release on the president’s diplomatic visit released yesterday (16) said.

“While acknowledging that there is immense potential for further expanding the trade ties, underscoring the pace of economic growth and opportunities in India as well as the growing market size and its potential for enhancing trade and investment for Sri Lanka, both leaders agreed that it is now opportune to further enhance the trade partnership,” the statement said.

During the discussions held between Sri Lankan President Anura Kumara Dissanayake and the Indian Premier Narendra Modi, the two leaders broached the subject of Sri Lanka and India’s mutual benefits of trade relations under the India-Sri Lanka Free Trade Agreement (ISFTA).

Towards this goal, the key points raised were the need to continue discussions on the Economic and Technological Cooperation Agreement, enhancing INR-LKR trade settlements between the two countries, and the encouragement of investments in key sectors in Sri Lanka with export potential.