{"id":8028,"date":"2022-11-21T05:51:42","date_gmt":"2022-11-21T00:21:42","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=8028"},"modified":"2025-03-29T00:25:55","modified_gmt":"2025-03-28T18:55:55","slug":"india-sri-lanka-free-trade-agreement","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/india-sri-lanka-free-trade-agreement\/","title":{"rendered":"India-Sri Lanka Free Trade Agreement"},"content":{"rendered":"<h2><strong>About India-Sri Lanka Free Trade Agreement:<\/strong><\/h2>\n<ul>\n<li>Sri Lanka\u2019s exports added up to over 140 billion Lankan rupees under the agreement.<\/li>\n<li>Imports into Sri Lanka from India stood at 28 billion rupees.<\/li>\n<li>Trade with India contributed to almost 65 percent of the total trade of Sri Lanka under four existing free trade agreements.<\/li>\n<li>The Free Trade Agreement (FTA) between India and Sri Lanka was the first-ever bilateral trade agreement for both countries,\u00a0<strong>signed in 1998 and enforced in 2000.<\/strong><\/li>\n<li>The pact is aimed at further boosting the economic ties between the two countries by liberalising trade norms.<\/li>\n<\/ul>\n<h3><strong>Free Trade Agreement (FTA):<\/strong><\/h3>\n<ul>\n<li>FTA is an agreement between the countries or regional blocks to reduce or eliminate trade barriers, though mutual negotiations with a view to enhancing trade.<\/li>\n<li>It can however be comprehensive to include goods, services, investment, intellectual property, competition, government procurement and other areas.\n<ul>\n<li>On goods, the key areas covered are customs duties or tariffs, rules of origins, non-tariff measures such as technical barriers to trade (TBT), sanitary phytosanitary (SPS) measures, trade remedies etc.<\/li>\n<li>On services, the negotiations are on barriers to various modes of supply including domestic regulations.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3><strong>Trade agreements could be bilateral, plurilateral or multilateral.<\/strong><\/h3>\n<ul>\n<li><strong>Bilateral trade agreements<\/strong>\u00a0occur when two countries agree to unshackle trade restrictions to expand business opportunities.<\/li>\n<li><strong>Plurilateral agreements<\/strong>\u00a0occur between a large number of countries, either in the regional context or otherwise.<\/li>\n<li><strong>Multilateral trade agreements<\/strong>\u00a0is generally referred to for WTO negotiations since it covers a large number of countries and sets global trade rules.<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/vajiramandravi.s3.us-east-1.amazonaws.com\/media\/editor_images\/2022\/11\/21\/11\/2\/47\/637b0d7ff5602905a1443a5b_OI.PNG\" alt=\"\" \/><\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><strong>Source :<\/strong><strong>\u00a0<\/strong><a href=\"https:\/\/newsonair.gov.in\/News?title=Sri-Lanka-exports-five-times-more-than-imports-under-India-Sri-Lanka-Free-Trade-Agreement&amp;id=451138\" target=\"_blank\" rel=\"nofollow noopener\">All India Radio<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Free Trade Agreement (FTA) between India and Sri Lanka was  signed in 1998 and enforced in 2000.<\/p>\n","protected":false},"author":5,"featured_media":8029,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-8028","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/8028","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=8028"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/8028\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/8029"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=8028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=8028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=8028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}