Steps are being taken to sign a memorandum of understanding (MoU) for cooperation in the area of textiles and clothing between India and Sri Lanka, Mr. Anand Sharma, India's Minister of Commerce, Industry and Textiles, informed Sri Lanka's External Affairs Minister Prof. GL Peiris, who was in India to attend the 12th Council of Ministers Meeting of the Indian Ocean Rim Association for Regional Cooperation (IOR-ARC).
The MoU deal would include steps for technology upgradation like reformation and revival of Sri Lankan textile industry, technology transfer, boosting skill development in textile industry and strengthening trade ties between the two nations by easing entry of Sri Lankan apparel exporters in big buying houses of India.
The two Ministers also discussed about the proposed increase in the apparel export quota for Sri Lanka in lines with the India-Sri Lanka Free Trade Agreement to further enhance the prospects of the deal.
The Sri Lankan Minister commended Mr. Sharma's recent visit to Sri Lanka, which resulted in several productive developments like announcement of new economic cooperation measures between the two nations, and rapid follow-up of the same by officials of both countries.
Source:
http://www.fibre2fashion.com/news/textile-news/newsdetails.aspx?news_id=117819
