Sri Lankan President Reaches Delhi on Maiden Foreign Tour After Taking Office | Current Affairs | Vision IAS
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    Sri Lankan President Reaches Delhi on Maiden Foreign Tour After Taking Office

    Posted 17 Dec 2024

    2 min read

    Key Highlights of the Meet

    • Debt Restructuring: Sri Lanka acknowledged India’s crucial assistance in its debt restructuring process through emergency financing worth USD 4 billion & also as a co-chair of the Official Creditors’ Committee (OCC).
      • OCC: In 2023, 17 countries formed OCC, co- chaired by India, Japan and France, to discuss the Sri Lankan authorities’ request for a debt treatment. 
      • The committee includes Paris Club creditors as well as other official bilateral creditors.
    • Trade and Investment Cooperation: Both appreciated the India-Sri Lanka Free Trade Agreement (ISFTA), signed in 1998.
      • Merchandise trade between them reached USD 5.5 billion in FY 2023-24. India is trade surplus.
      • Both agreed that a strategic shift from debt-driven models towards investment led partnerships.
    • Strategic & Defence Cooperation: Both committed to counter traditional and non-traditional threats, ensuring free, open, and secure maritime environment.
      • Sri Lanka, as India's closest maritime neighbour, has committed to prevent any territorial actions that is inimical to India's security or regional stability.
      • Sri Lanka acknowledged India for establishment of the Maritime Rescue and Coordination Centre in Sri Lanka to enhance maritime domain awareness.
    • Regional and Multilateral Cooperation: India supports Colombo Security Conclave, backing Sri Lanka's regional security initiatives.

    Addressing the fisheries Issues

    • Issue: The prolonged dispute over fishing rights around Kachchatheevu Island in Palk Bay has been a source of tension between India and Sri Lanka.
    • A Humanitarian Approach: Both sides factoring the livelihood concerns agreed on the need to continue to address the issue in a humanitarian manner.
    • India’s Initiatives in Sri Lanka: Development of Point Pedro Fishing Harbour, rehabilitation of Karainagar Boatyard and cooperation in Aquaculture through Indian assistance.
    • Tags :
    • Bilateral Relations
    • Neighbourhood First Policy
    • India-Sri Lanka
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