Indo-Lanka FTA win win situation for both sides

Acting Indian High Commissioner to Sri Lanka Arindam Bagchi said the Indian government has been focusing on reducing existing trade barriers and improving market access through FTAs between India and Sri Lanka.

Bagchi expressed hope that trade negotiators, to this end will come up with win-win solutions for both sides.

“It’s a give and take process, I’m well aware that our negotiators will come up with win-win solutions for both parties.”

The acting High Commissioner was speaking at the inauguration of India International Textiles Expo 2018 Exhibition and Cum Buyer Seller Meet, held at Hotel Galadari , Colombo.He further noted that the Sri Lankan apparel industry has shown significant growth over the years and the trade between Sri Lanka and India, especially between fabric and powerloom manufactures too has grown considerably over the years.

The apparel industry in Sri Lanka in a period of about three and a half decades has evolved to a world class manufacturer reaching an export revenue of US $ 4.7 billion.

This was during its evolution from a quota driven basic contract manufacturing era wherein the country has transitioned into sourcing management and thereafter advanced to supply chain management and presently it is aspiring to become a total solution provider from innovation to delivery.It was also revealed at a recent conference held on global apparel industry that the transformation of the Asian apparel industry is crucial for it is to move up the value chain by incorporating more value added activities in terms of front –end design, research and development.

The application of advanced manufacturing , communication and supply chain technologies is essential for the future.

The apparel industry also needs to recognise the challenges and opportunities with respect to industry and what the industry will look like in 10 years’ time.

Globally, 60 million people are employed in the apparel industry including 15 million women workers, in factories located in Bangladesh, Cambodia, China, India, Pakistan, and Sri Lanka.