Sri Lanka ratifies SAFTA

COLOMBO: Sri Lankan cabinet has ratified the South Asia Free Trade Agreement (SAFTA).

The step follows the submission of a cabinet paper by the Minister of Trade, Commerce, Consumer Affairs and Marketing Development, Jeyaraj Fernandopulle, for the implementation of the regional trade pact.

''The Cabinet yesterday has ratified the SAFTA and in certain areas, some provisions still have to go to Parliament for ratification while others can be gazetted and implemented,'' Cabinet Spokesman and Minister of Media, Anura Priyadarshana Yapa said here on Thursday.

''SAFTA has been under discussion for a long period of time. But during the 13th SAARC Summit held in November 2005 in Dhaka, the Heads of the member States stressed the need to enter into the SAFTA on the scheduled day and all deliberations in connection with the agreement were completed in December 2005,'' Mr Yapa said.

''The Heads of State also directed that necessary national procedures be completed in time to facilitate the operationalisation of the SAFTA,'' he said.

However, all outstanding issues were resolved at the meeting of the Committee of Experts held in November at Kathmandu, he added.