Answer» Correct Answer - Option 1 : 1998
The correct answer is 1998. - The India-Sri Lanka Commercial-Free Trade Agreement was signed in 1998.
- The commercial relations between Sri Lanka and India has marked a historical milestone when it was signed the India-Sri Lanka Free Trade Agreement (ISFTA) on 28th December 1998, as the 01st bilateral free trade agreement of Sri Lanka.
- The ISFTA entered into force with effect from 01st March 2000.
- The ISFTA is now in full implementation as both sides have completed their phasing out commitments under the respective Tariff Liberalization Programme (TLP).
- In 2011-12, India’s imports from Sri Lanka went up by almost 45% to cross US$ 720 million, making Sri Lanka the largest source of merchandise from the South Asian region for India.
- This is a big jump from US$ 45 million imports in 2000-01 when Sri Lanka occupied 4th rank as an import source for India in the region.
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