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Sri Lanka keen on early conclusion of China trade deal
November 02, 2017
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BEIJING: Sri Lanka is keen to reach agreement soon on a free trade deal with China, its foreign minister said, describing Beijing as a close friend and ally, despite strong local opposition to some major Chinese-invested schemes.

In July, Sri Lanka signed a long-delayed $1.1 billion deal to lease its southern Hambantota port to China, ignoring an appeal by opposition parties to debate the pact in parliament.

The $1.5 billion port, close to the main shipping route from Asia to Europe and likely to play a key role in China’s “Belt and Road” initiative, has been mired in controversy since a Chinese firm agreed to take an 80 per cent stake in it.

The pact signed last year sparked widespread public anger, as Chinese control of the port, which included a plan for a 99-year lease of 15,000 acres (23 sq miles) to develop an adjacent industrial zone, provoked fears it could be used by Chinese naval vessels. Sri Lanka Foreign Minister Tilak Marapana told a reception in Beijing to mark the 60th anniversary of establishing diplomatic ties that the two countries’ friendship went back centuries.

“Sri Lanka is very keen to reach an early conclusion to the free trade agreement with China in the near future that would expand more trade avenues for both countries,” Marapana said.

“China has been a reliable and important partner in our drive towards economic development and Sri Lanka is appreciative of the country’s commitment and assistance,” he added, without mentioning any specific projects.

Reuters

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