India-Sri Lanka Sign Four Agreements During Pm Modi’s Visit
13 March, Colombo
India and Sri Lanka today signed four agreements during Narendra Modi’s maiden visit to the island nation. The agreements are on visa, customs, youth development and building Rabindranath Tagore memorial in Sri Lanka. Strengthening the economic relations between India and Sri Lanka dominated the discussions between Prime Minister Modi and President Maithripala in Colombo.
Prime Minister Narendra Modi said that as closest neighbours, there should be more frequent engagements between India and Sri Lanka, so that the two countries can understand each other’s problems. He emphasised stronger economic cooperation and said that he was aware of Sri Lankan concerns about trade with India.
The delegation-level talks ended with significant developments in several areas, including cooperation in the petroleum sector, with the setting up of a regional petroleum hub in Trincomalee.
At a joint press conference with President Maithripala Sirisena, Modi said the pact on cooperation between customs authorities will simplify trade and reduce non-tariff barriers on both sides. He said that India will help in to early commencement of work of Sampur Coal Power Project.
He said this landmark project would meet Sri Lanka’s energy needs. Underlining ocean economy as a priority for both the countriesr Modi said that it holds enormous promise for both nations. He said that the decision to set up a Joint Task Force on ocean economy is a significant step, especially due to the proximity between India and Sri Lanka.
The Prime Minister said that the facility of Tourist Visa on Arrival and Electronic Travel Authorization Scheme to Sri Lankan citizens from the Sinhala and Tamil New Year on the 14th of April this year and said that the decisions will encourage people to people contacts, improve connectivity, and increase tourism.
He announced that Air India will soon start direct flights between New Delhi and Colombo and India will cooperate in developing a Ramayana Trail in Sri Lanka and a Buddhist Circuit in India. He said India will organize a Festival of India in Sri Lanka later this year.
Modi also said that the Reserve Bank of India and the Central Bank of Sri Lanka have agreed to enter into a Currency Swap Agreement of 1.5 billion dollar to help keep the Sri Lankan rupee stable.