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Question

Q. Consider the following statements with regard to India - Sri Lanka Trade Relations.

Which of the statements given above is/are correct?


A

1 and 2 only
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B

2 and 3 only
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C

1 and 3 only
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D

1, 2 and 3
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Solution

The correct option is C
1 and 3 only

Explanation:

Statement 1 is correct: Sri Lanka is one of India’s largest trading partners in SAARC. The bilateral trade during January – November 2019 amounted to USD 4.19 billion. During this period exports from India to Sri Lanka were USD 3.49 billion, while exports from Sri Lanka to India were USD 0.70 billion.

Statement 2 is incorrect: The South Asian Free Trade Area (SAFTA) is the free trade arrangement of the South Asian Association for Regional Cooperation (SAARC). SAFTA signatory countries are Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka.

Statement 3 is correct: The Indo-Sri Lanka Free Trade Agreement (ISFTA) was signed on 28th December 1998 and it entered into force from 1st March 2000.


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