NewsSri Lanka will “redouble” its efforts to strike a free trade deal with China and conclude an expanded trade pact with India as part of the island strategy of becoming an Indian Ocean hub for investors and multinationals, Foreign Secretary, Prasad Kariyawasam told Bloomberg in an interview. Colombo inked a comprehensive free trade deal with Singapore in January and now has the bandwidth to finalize deals with Sri Lanka’s two largest trading partners “as quickly as possible,” said foreign secretary Prasad Kariyawasam in an interview. “Since we have now done the trade deal with Singapore, we can redouble our efforts to finalize an expanded trade deal with India and China,” said Kariyawasam, the country’s former ambassador to the U.S. and top envoy to India. A large, Chinese-orchestrated land reclamation project not far from his office will have luxury accommodation, international schools and a marina. Still, a Sri Lankan finance ministry official told Bloomberg News a deal with India could happen in about a year’s time.

Source: Sunday Times March 28, 2018 13:41 UTC