Leaders Unite to Boost $5 Billion India-Sri Lanka Trade Partnership

The India-Sri Lanka Trade Diplomacy Summit, jointly organized by the World Trade Center Mumbai and the All India Association of Industries (AIAI), in collaboration with the Consulate General of Sri Lanka, brought together senior officials, diplomats, and business leaders at Centrum, WTC Mumbai. Held in a hybrid format, the summit aimed to strengthen bilateral economic relations through the India-Sri Lanka Free Trade Agreement (ISFTA), unlocking opportunities in spices, technology, tourism, investment, and digital cooperation.

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The event commenced with the national anthems of both countries, followed by diya-lighting ceremony by a soothing flute music, and a mutual felicitation between Dr Vijay Kalantri, Chairman of WTC Mumbai & President of AIAI, and Ms. Shirani Ariyarathne, Acting Consul General of Sri Lanka.

While addressing the summit, Dr Vijay Kalantri highlighted the existing $5 billion trade volume between India and Sri Lanka and emphasized the importance of working together to double this figure in the coming years. He pointed the need to strengthen trade ties through regional frameworks such as SAARC, APTA, ISFTA, and SAFTA, which offer significant potential to deepen trade cooperation.

Ms. Shirani Ariyarathne underscored the strategic value of ISFTA and its potential to drive regional economic integration. India is Sri Lanka's largest import source. Through ISFTA, we can bridge this gap by leveraging unique Sri Lankan products like Ceylon cinnamon, Ceylon cloves, Ceylon nutmeg, Ceylon tea essential oils, oleoresins, apparel, Batik and handloom, jewelry, precious stones, nuts, vegetable residue for animals, coconuts, and electronic items. “Sri Lanka's GSP+ status under the EU framework offers a strategic gateway for Indian businesses to expand the export”, she said.