<p>India and Sri Lanka on Wednesday inked a pact for cooperation in ‘economic projects’, but refrained from clinching the proposed deal for jointly operating an oil storage facility on the east coast of the island nation.<br /><br />A meeting between Prime Minister Narendra Modi and his Sri Lankan counterpart Ranil Wickremesinghe was followed by signing of the Memorandum of Understanding (MoU) for ‘Cooperation in Economic Projects’. <br /><br />The MoU outlined the agenda for ‘bilateral economic cooperation in the foreseeable future’, Gopal Baglay, official spokesperson of the Ministry of External Affairs, said.<br /><br />Modi and Wickremesinghe also expressed ‘the hope for early conclusion of the ongoing negotiations on the Economic and Technology Cooperation Agreement’, Baglay added.<br /><br />India and Sri Lanka have since long been negotiating a bilateral trade deal – now known as ‘Economic and Technology Cooperation Agreement.’ <br /><br />The agreement could not be inked due to concerns by Sri Lankan business community over possibility of it tilting the bilateral commerce more in favour of India.</p>
<p>India and Sri Lanka on Wednesday inked a pact for cooperation in ‘economic projects’, but refrained from clinching the proposed deal for jointly operating an oil storage facility on the east coast of the island nation.<br /><br />A meeting between Prime Minister Narendra Modi and his Sri Lankan counterpart Ranil Wickremesinghe was followed by signing of the Memorandum of Understanding (MoU) for ‘Cooperation in Economic Projects’. <br /><br />The MoU outlined the agenda for ‘bilateral economic cooperation in the foreseeable future’, Gopal Baglay, official spokesperson of the Ministry of External Affairs, said.<br /><br />Modi and Wickremesinghe also expressed ‘the hope for early conclusion of the ongoing negotiations on the Economic and Technology Cooperation Agreement’, Baglay added.<br /><br />India and Sri Lanka have since long been negotiating a bilateral trade deal – now known as ‘Economic and Technology Cooperation Agreement.’ <br /><br />The agreement could not be inked due to concerns by Sri Lankan business community over possibility of it tilting the bilateral commerce more in favour of India.</p>
