The announcement comes against the backdrop of opposition to ETCA from several quarters in Sri Lanka. They view it as advantageous to India and inimical to Sri Lankan economic interests, the news reports say. Bilateral trade at present is around $4.6 billion, of which almost $4 billion consists of Indian exports to Sri Lanka. When ETCA is signed, Sri Lanka and the five Indian (southern states) can work together. Wickremesinghe, during his visit, also pointed to economic opportunities that could be exploited among India, Sri Lanka and Singapore, given that India and Sri Lanka would be signing the ETCA soon, that there is a Comprehensive Economic Partnership Agreement between India and Singapore and Sri Lanka and Singapore had recently launched talks on a free trade agreement.

Source: Mint October 23, 2016 16:18 UTC