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Four Important Pacts signed between India and Sri Lanka

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Indian Prime Minister Narendra Modi, who is on Three-Nations tour reached Sri Lanka on 13th of March 2015. He was received by Sri Lankan Prime Minister Ranil Wickremesinghe, Foreign Minister Mangala Samaraweera and Port Minister Arjuna Ranatunga at Colombo Airport. Sri Lankan President Maithripala Sirisena welcomed Narendra Modi at the President’s Secretariat. Narendra Modi’s visit to the island country is the first stand alone bilateral visit by an Indian PM since 1987.

In this historical meeting, four pacts are signed between India and Sri Lanka on

  • Visa.
  • Customs.
  • Youth Development.  
  • Building Rabindranath Tagore memorial in Sri Lanka. 

PM Narendra Modi said “We believe that early and full implementation of the 13th Amendment and going beyond it would contribute to this process“.

Key Points to Note

  • The agreement on Customs will simplify trade and reduce non-tariff barriers on both sides. 
  • The Government of India will provide a fresh Line of Credit (LoC) of up to USD 318 million for the improving the railways sector in Sri Lanka. 
  • India to help Trincomalee to become a petroleum hub. 
  • Currency Swap Agreement of USD 1.5 billion the Reserve Bank of India and the Central Bank of Sri Lanka to maintain the stability of Sri Lankan rupee. 
  • Extension of the facility of “Tourist Visa on Arrival – Electronic Travel Authorization” Scheme to Sri Lankan citizens from the Sinhala and Tamil New Year on 14 April 2015. 
  • Direct flights between New Delhi and Colombo by Air India. 
  • Developing a Ramayana Trail in Sri Lanka and a Buddhist Circuit in India.
  • Setting up a Joint Task Force on Ocean Economy.