Transition of Accordance: The Next Step of India - Sri Lanka Economic Strategy

Abstract

Bilateral relationships of Sri Lanka with its’ big brother, India was old as the literal history of both countries. Each time the foreign policy cogency, external influence and the domestic political forces of both countries played a vital role in implementing and lashing these agreements. The efficiency of these economic partnerships affected to the development of each other in either good or bad means, but these fluctuations hadn’t affected to enduring further agreements. With Prime Minister Modi’s neighbourhood first policy, best example was the very recent framework agreement, Economic and Technology Cooperation Agreement (ETCA) which was in the process of finalizing, came out as a result of the discussion of Prime Ministers of both countries. The approval of the framework by both countries had arose the ill-acceptance of the public; specially the working sector of Sri Lanka. However, a separate chapter in Comprehensive Economic Partnership Agreement (CEPA) ) which was in the process of finalizing, came out as a result of the discussion of Prime Ministers of both countries. The approval of the framework by both countries had arose the ill-acceptance of the public; specially the working sector of Sri Lanka. However, a separate chapter in Comprehensive Economic Partnership Agreement (CEPA) touches the grounds of intellectual property, high technological innovations, technicians and guidance, exchange of technology of both countries was the most significant point that changes this agreement from. Therefore, Sri Lanka’s target should be achieving a fair share through this agreement. The aim of this study was to examine whether the content of this ETCA was favourable especially to the Sri Lanka’s economy; how it was favourable to upsurge the economy and strategies and mechanisms proposed by both countries. This is an explorative qualitative study done by interviewing bureaucrats, diplomats and field experts of economy and using previously analysed data gathered from Indian High Commission of Sri Lanka. By reviewing and comparing the above collected data this essay has come up with the conclusion that the proposed system must be based on significant, on the rates of foreign direct investments in Sri Lanka. Since, it was in nature that the bigger country always achieved the highest advantage, but in any agreement both parties should be satisfied.