The Government is getting ready to defend the Sri Lanka - Singapore Free Trade Agreement (SLSFTA) amidst severe pressure from president Maithripala Sirisena who is determined to suspend it.
The president has called for the suspension of the agreement pending its revision or abolition, following wide spread protests of professional associations, public interest groups and stake holders of international trade over the SLSFTA.
The five member Presidential Committee of Experts (CoE) has made adverse observations in its report on the SLSFTA that was released recently.
The Development Strategies and International Trade Ministry said that team of international trade experts is now scrutinizing the observations and recommendations contained in the report. The ministry will submit counter submissions with regard to the adverse observations contained in the report and it will be made public this week.
The CoE in its report noted that the entire negotiation process was carried out without any feasibility and cost-benefit studies of a trade agreement with Singapore from Sri Lanka's point of view.
The Committee observes that some serious lapses were allowed to occur, perhaps deliberately or inadvertently to expedite matters in the process of signing the SLSFTA by Minister Malik Samarawickrema.
The Minister had indeed acted without attending to the conditions laid down by the Cabinet of Ministers in its conditional approval granted to him.
These lapses relate to non-compliance with the “matters highlighted by the Attorney General” as clearly included in the Cabinet approval as a necessary condition to be fulfilled before signing ,the CoE emphasised while making several adverse revelations.
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