The latest round of talks on the Indo-Lanka FTA ended in Colombo this week with a promise to come closer together under the textile sector umbrella.
The latest round of talks on the Indo-Lanka FTA ended in Colombo this week with a promise to come closer together under the textile sector umbrella. Delegations will meet in India again later this year, says the Commerce Department of Sri Lanka, to work out exactly how this is to be done.
The purpose of the meeting is to “identify areas of co-operation” and to look at the possibility of “integrating the textile sectors of both countries.”
If the proposal bears fruit, says the Joint Apparel Association Forum, Sri Lanka could benefit from Indian expertise and investment in textiles that will in turn strengthen the local garment industry.
Good news, given how import dependent the local garment industry is for its basic inputs.
At the moment Sri Lanka imports over 80 percent of her fabric requirements.
India on the other hand, is the world’s third largest producer of cotton and is the lowest cost producer of yarn.
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