MSW vs. Ph.D. vs. DSW for a Career in Social Work

MSW versus Ph.D. versus DSW for a Career in Social Work In contrast to numerous fields, social work has a few advanced education alternatives. Numerous candidates considering professions in social work wonder which degree is directly for them.â MSW Careers While single men degree holders in social work are utilized in social work settings and work nearby social specialists in numerous helpful jobs, they should be managed by MSW-level supervisors.â In this sense, the MSW is the standard section necessity for most social work positions. Progression to boss, program chief, right hand chief, or official executive of a social help organization or office requires an advanced education, at least a MSW, and experience. With a MSW a social laborer may draw in exploration, support, and counseling. Social laborers who go into private practice require, at least, a MSW, managed work understanding, and state confirmation. MSW Programs Master’s qualification programs in social work get ready alumni for work in a particular field, for example, with youngsters and families, teenagers, or the older. MSW understudies figure out how to perform clinical evaluations, direct others, and oversee huge caseloads. Master’s programs by and large require 2 years of study and incorporate at least 900 hours of managed field guidance or temporary job. Low maintenance program may take 4 years. Look for programs that are authorize by the Council on Social Work Education to guarantee that the alumni program you pick will give a suitable instruction and meet state necessities for licensure and confirmation. The Council on Social Work Education certifies more than 180 master’s programs. Doctoral Social Work Programs Social work candidates have two options of doctoral degrees: the DSW and the Ph.D. A doctorate in social work (DSW) gets ready alumni for the most exceptional occupations, for example, organization, oversight, and staff preparing positions. As a rule, the DSW is an applied degree as in it gets ready DSW holders for jobs by and by settings as chairmen, coaches, and evaluators. The Ph.D. in social work is an exploration degree. At the end of the day, like the PsyD andâ Ph.D. (degrees in brain science), the DSW and Ph.D. contrast with respect to an accentuation on training versus research. The DSW accentuates preparing by and by, so graduates become master professionals, while the Ph.D. accentuates research, preparing graduates for professions in examination and instructing. School and college encouraging positions and most exploration arrangements by and large require a Ph.D. what's more, at times a DSW degree. Licensure and Certification All States and the District of Columbia have permitting, accreditation, or enlistment necessities with respect to social work practice and the utilization of expert titles. Despite the fact that measures for authorizing fluctuate by State, most require consummation of a test in addition to 2 years (3,000 hours) of managed clinical experience for licensure of clinical social workers.â The Association of Social Work Boardsâ provides data about licensure for all states and the District of Columbia. What's more, the National Association of Social Workers offers willful certifications to MSW holders, for example, the Academy of Certified Social Workers (ACSW), the Qualified Clinical Social Worker (QCSW), or the Diplomate in Clinical Social Work (DCSW) qualification, in light of their expert experience. Accreditation is a marker of experience, and is especially significant for social specialists in private practice; some medical coverage suppliers require affirmation for repayment.

Local Government Amalgamation and Financial Sustainability

Question: Talk about the Local Government Amalgamation and Financial Sustainability? Answer: The jobs of customers, retailers, producers and the administration offices in the gauges and characteristics of food in the United Kingdom are tremendous (Fagotto 2014). Purchasers assume a crucial job in such manner (Lovelock et al. 2014). They have the rights to anticipate that the food, which they are purchasing or devouring, is protected to be expended and is of acceptable quality as well (Lovelock et al. 2014). Buyers can opine about the systems followed for food control, the principles and the exercises, which are utilized, by the legislature and the businesses for determining that the food, which is offered, has these highlights (Osborn 2013). Regardless of whether the clients, government and the others assume a vital job to guarantee the security and nature of the food, at last even with rivalry, the ability to put resources into the physical and the administrative assets that are required for execution of legitimate controls lies exclusively with the food business (Osborn 2013). It is perceived by the private firms that the buyers assume a significant job in deciding their prosperity concerning productivity (Grant 2015). In the event that the shoppers purchase a similar item on a nonstop premise, it is shown that the item fulfills them (Grant 2015). The food makers and advertisers, along these lines, have a commitment to their item characters which they need to protect. Along these line s, building up and controlling the controls is significant for them to ensure that the item satisfies the desires for the buyers on wellbeing and quality (Oliver 2014). The administration offices to have a significant task to carry out since they are answerable for: Setting up the norms of security consistently with the goal that equivalent measure of insurance is accomplished by all the clients, Applying comparable security levels with the goal that all the food makers are dealt with impartially and Advising the clients in regards to the gauges that are followed with respect to the security (Oliver 2014). Retailers assume a significant job too by: Proffering created medical advantages over a differing item and an area accordingly advancing ceaseless shopping on account of closeness to lodging and networks. Impacting arranging contemplations by depicting the advantages of agglomerated chain of stores Advancement of culture and relaxation Building up the earth by advancement of neighborhood gracefully chains Most of the retailers utilize the nearby wholesalers, and numerous customers go to the area oftentimes, lessening the need to visit the shops by utilizing private vehicle (Ozuduru et al. 2014). The makers have an essential impact in the measures and the characteristics of the food. It is on the grounds that the customers will be influenced if the quality and principles of the food are not up to the gauges and recommended characteristics. The buyers on occasion to check its dietary or restorative worth screen the fixings, which are placed into the produce. There are sanitation prerequisites too since it are critical that nature where the food is made is spotless and the food, which is delivered, is protected (Troller 2012). Shoppers, retailers, producers and the administration organizations are identified with one another intently with regards to principles and characteristics of food in United Kingdom (Buzby et al. 2014). It works like a cycle where every last one of the above is connected to one another. The purchasers are toward the finish of the cycle since they are the ones devouring the item, which is fabricated after the item passes a few phases and steps (Solomon et al. 2012). The makers (Solomon et al. 2012) remember them while planning and assembling the item. There are matters identifying with principles and quality, which must be investigated, by the makers or the makers, and it is likewise to be seen that the soundness of the customers subsequent to expending the item isn't influenced inconveniently in any capacity (Solomon et al. 2012). The makers come after the customers where they need to watch certain rules for creating the item as endorsed by the administration. It is to be seen that t he shoppers are determining most extreme advantages out of the delivered food and that they are expending it frequently, which thusly demonstrates their similarity for that specific food. The retailers present the food from the producers to the purchasers. Consequently, they structure an immediate connection in the middle of them along these lines satisfying the basic role of assembling. They make the purchasing procedure simpler by encouraging the clients by giving choices in different structures. The administration organizations are connected to this cycle intently as they endorse the standards and guidelines, which should be trailed by all the others in the cycle aside from the customers. These standards are given with the goal that the food, which is delivered, is sheltered to be devoured by the shoppers. The fundamental lawful base in the enactment of food in the United Kingdom RE THE Food Safety Act, 1990 and the General Food Regulations, 2004 (Rouvire and Latouche 2014). In UK, there is no corporate qualification between the appraisal of hazard and correspondence of hazard from chance administration. The evaluations of dangers are commonly distributed on the Internet if there are no legitimate arrangements to disallow that. The FSA is the principle overseeing body, which oversees the security of food in the United Kingdom (Devaney 2013). It relies upon the non-ecclesiastical government division Government Department, which is represented an autonomous Chairperson and a non-official board which oversees the complete vital course of the Agency, and to ensure that it is meeting its legal commitments (Devaney 2013). It is responsible to the British Parliament, the Northern Ireland Assembly, the Scottish Parliament and the National Assembly of Wales through the clergymen of wellbeing. A longside the inquiries with respect to the wellbeing of food, the obligations of FSA additionally incorporates watching and caring for the neighborhood specialists of requirement. It is a body, which is generally in UK, headquartered in London, and its workplaces are available in Northern Ireland, Scotland and Wales for guaranteeing that its needs are introduced in the nation explicitly, and the workplaces work in various zones of work. On issues of importance, FSA works with the neighborhood specialists. The Meat Hygiene Service, which works inside FSA, is liable for assessing meat in the premises of meat, which are new in zones. FSA works in alongside different things, food added substances and sullying substances, microbiological sanitation, feed, GMOs, novel nourishments, and the added substances of the food. Its activities likewise incorporate territories like nutritive nourishment for the wellbeing, naming of the food and the guidelines of the food items. There is another body named Defra, which is managed by the administration and alongside its different offices is liable for the bills and for executing and to screen the wellbeing of the food on the off chance that it doesn't go under the domain of FSA. Veterinary Medicines Department is an organization, which alongside different obligations is subject for surveying, giving and keeping up the approvals for promoting broadly for restorative items utilized for veterinary purposes and cautiousness for buildups of those, ill-conceived things in creatures and its items as well and co-appointment of the work with respect to against microbial uncompromising nature. There is an administrative body for pesticides, which deals with sake of Defra, in particular Chemicals Regulation Directorate. Its exercises other than the wellbeing of food incorporate completing of a program on the pesticides authoritatively of the remainders of the pesticide testing of the food in the United Kingdom about the endorsed guidelines, and the reports are distributed on quarterly. It is the duty of the body to make the correct move of an application on occasion if the administrative penetrate of the buildup of the degrees of pesticide happens. There are positively different exercises of Defra, for instance, for administering, executing and investigating, the obligations go under Agricultural/Rural Affairs Departments in the Devolved Administrations in Northern Ireland, Scotland and Wales. Defra distributes the appraisal of dangers in the field of creature wellbeing and their government assistance. They additionally co-work with the working gatherings of FSA any place it is required. It is the obligation of Defra to deal with all the variables of the water strategy in England and it works with the Drinking Water Inspectorate, which is a body that manages the drinking water quality. The conditions are indistinguishable in Wales, Scotland, and Northern Ireland. The domain of exercises of Delta c overs alongside the security of food stretches out to creature wellbeing, the government assistance of the creatures, and the strength of the plant. There are four nations in UK, and their structure of organization is single-level. The units are exclusively liable for all the undertakings, which are provincial and privately managed (Andrews 2013). They manage the laws identifying with the food, feed laws, and do investigations as well, and they are liable to FSA since they report straightforwardly to them. At the point when it controls the nearby government authority, the Local Authorities Coordinator of Regulatory Services, it speaks to the specialists, which work locally, and it performs coordination of the exercises of the neighborhood specialists and among them and among Defra and FSA. Reference List Andrews, R., 2013. Neighborhood government amalgamation and money related supportability: the instance of England and Wales. Open Finance and Management, 13(2), p.124. Buzby, J.C., Farah-Wells, H. what's more, Hyman, J., 2014. The assessed sum, worth, and calories of postharvest food misfortunes at the retail and shopper levels in the United States. USDA-ERS Economic Information Bulletin, (121). Devaney, L., 2013. Spaces of security, reconnaissance and sanitation: investigating impression of the Food Safety Authority of Ireland's overseeing sleuth

GuideSpark

GuideSpark INTRODUCTIONMartin: Hi, today we are in Menlo Park in the GuideSpark office. Keith, who are you and what do you do?Keith: So I’m Keith Kitani and I’m the CEO and one of the co-founders of GuideSpark, a company that is really designed to help organizations communicate and connect with their employees better through video and mobile communications.Martin: And what did you do before? Because you‘ve had something like a really rollercoaster life over the last fifteen years or so.Keith: Exactly. It’s my second startup. I was originally, a long time ago an electrical engineer but went back to business school and changed my direction. But I started a company in the late nineties, it was a company called Presedia that we sold Macromedia that was then bought by Adobe and that was Adobe Connect so it was really in the eLearning and communication space and decided that while I loved Adobe and that company that I wanted to start over and so we started this company 2008.Martin: How did yo u come up with the idea for GuideSpark?Keith: Well, I’d like to tell you that I just came up with it one day and all of a sudden it was rocket ship but unfortunately that wasn’t the case. So we started this company in 2008 and originally around the idea of helping people with financial education and financial health but that was right before the recession and that was not a great time to sell wellness products. So that was a tough time for a couple of years.But what ended up happening is we started talking to customers and customers really pointed us in a direction about helping them communicate better with their employees, around things like benefits and compensation programs. And so the way we came up with the idea overnight is that we kept listening to customers over the years of time and finally realized we had a big huge market opportunity and really around 2012 the company really started to grow very fast.Martin: Especially yourstory’s very interesting because you did a big pivot of your business model. Can you elaborate on how the business model was looking before and after?Keith: So, we were in an area of financial health, of financial education and financial wellness and that’s a business actually we are back in but at the time it was not a great time for HR. So we were actually running out of cash so we had to really find a business that we could really have that would sell to customers. So we talked to a lot of prospects and customers and found that they had this need to communicate more effectively around benefits and compensation. So they spent a ton of money here in the US on benefits and it’s hard for employees to really understand the value of those programs and so we were able to create video and mobile education around it and it worked well.BUSINESS MODEL OF GUIDESPARKMartin: Let’s talk about your business model for GuideSpark. Basically and currently who are your customers and what type of value proposition are you doing to them? Keith: We have an interesting customer base that has been around different startups and companies. But our customer base â€" we have over 600 customers, they range in size from 100 employees all the way up to the large Fortune 10 companies. And in fact we’re now in 20 percent of the Fortune 500 so it doesn’t matter what size company you are.The other thing interesting about our business is that we have almost every industry; so we have city governments, we have high tech companies, we have trucking companies, we have mining companies, we have pretty much every industry. And so if you think about it, every company has employees, every company has to communicate to those employees and we’re really starting to hit all of those different people.Martin: Mainly in the US because of the different kinds of regulations for benefits?Keith: Yes, so we’re US-based but we’re supporting some of our multinationals internationally. But the real value proposition is if you think about how companies communicate today, it’s really the same way they’ve been doing it for the last ten, twenty, fifty years. It is employee manuals, it’s PowerPoint presentations, it is long text emails and if you think about how you connect and get information in your daily lives it’s probably video, mobile, interactive. And so what we’re doing is really helping companies transform their traditional communications into these new forms of communication that really are more effective in engaging employees.Martin: And do you see some kind of increase in conversion rates from showing employees that information and then to really sign up to a specific benefit program?Keith: Absolutely, that’s one of our key value propositions but there are a lot more value propositions around that. So increased participation in programs is one of them but also reduced call center time, reduced travel, there are a lot of different opportunities that have been incredibly valuable for corporate companies to utilize.Martin: After you pivoted the business, how was it like to acquire the first customers? How did you tackle them?Keith: The way we pivoted the business and it’s interesting when people say ‘pivoted’, it feels like it should be a sharp turn. And for me it took a while because for many years we were telling every investor, every employee, every customer how financial wellness is the greatest thing in the world, so it takes a little while. Because we were listening to customers it actually wasn’t that hard to actually get them to sell because they would tell us what they wanted and then like any small company would say, “Hey that’s great that’s what we do”, as we started to sell it and started really to refine that offering and that value proposition.Martin: Did you first focus only on the Bay area in terms of customers or did you say, “Okay, let’s sell it nationwide?”Keith: So what I would say is for the first year or so we focused on the Bay Area but very, very quickly we realized it didn’t matter where you are. You are a company, you need to communicate and so we quickly grew all across the country because we’re able to really access them through telephone.Martin: How are you currently managing the customer relationships and trying to re-nurture them? So are you doing something like conferences with them or monthly walk-ins or steady calls?Keith: We do a variety of things: we certainly have an annual customer conference. But we also have a customer success team and our customer success and account management team check in at least quarterly with our customers to really you start doing business reviews because our goal is to make sure that our solutions adding value to their business. We are subscription-based model and so if we’renot continuing adding value they’re going to cancel. So it’s very important for us to constantly be in contact with them to make sure that our system and our solution is adding value to that them and their business.Martin: So you said that you’re based on a subscription model, how did you decide how to price your model?Keith: That’s always the hardest question when in a new market. Generally, if you’re in a market that already exists you can start to price off other people. But what I would say is it was kind of iterative. We had an idea of what this might cost and then you start to test in the marketplace and try to get an understanding of our value. And so we’ve been able to arrive at a good place in terms of different prices for different company sizes and different sizes of library.Martin: So over the last 18 to 24 months you’ve been growing extremely fast, did you perceive any types of growing pains or some obstacles that you say, “Wow, that was really hard for us. And this is how we solved it.”Keith: Solving it, seems like we’re constantly growing so I’m not sure if we fully solved it. To give you an idea in the last three years we’ve grown fro m about 10 employees to three hundred and so you can imagine that there are growing pains every step of the way there and it’s systems and processes that break. The other thing that’s hard is also people. If you think about their skill sets, initial managers two years ago would have teams of two or three people, and now they could have 15 and it’s a totally different job, totally different skill set. And so for us it’s really making sure that we’re examining each stage of our business what’s right at that stage. And it can be tough because you have processes that you just implemented and you sit back and go, “Well maybe that’s not the right one” or you have a system that breaks.I mean this funny story that I always talk about is we found out that our payroll vendor had a maximum capacity of a hundred and fifty paychecks and how did we find that out? We ran a hundred and fifty-two. But when I first started with that payroll company last thing I was thinking about is what’s your maximum and you just run some paper checks and then you can find a new system. So I think it’s been a lot of kind of learning along the way. But the key thing for us is to make sure you realize that that’s part of what your business is that you can’t be too locked in because of that growth rate you have to constantly realize that business is going to change, systems are going to change, processes going to change and people have to grow and evolve.Martin: You’re mainly based in the Bay Area but you have other offices, so how are you trying to solve the recruiting issues that you’re currently facing because in the Bay Area because the unemployment seems to be very low. What kind of measures are you taking to raise offers for extending your growth?Keith: We’ve been very successful in getting people to join here in the Bay Area but it’s incredibly competitive. And so what we’ve done is we’ve selectivelyadded some offices, so we have a Boston office and a New York office primarily for sales. That’s not only for us to attract great people but also a lot of customers on the East Coast and so it’s a great opportunity for us to grow there. And we just added Portland so we wanted to addâ€" one of the other types of roles we have today are for designers and writers and a lot of creative people and so we’re adding office up to Portland and planning a big presence there. So all of those will supplement the Bay Area, we think talent here is just great place for us but we also needed to realize that we have a huge growth targets and we’ve got to complement elsewhere.Martin: And are you also planning to enter international clients because from my understanding the benefit system or the offerings are very country or regional specific and so once you’d like to enter India or China or some other country, I would guess you would need to produce a new content?Keith: So we do support multinationals. So we have companies like Adobe, where w e support them internationally. So we have different content for each of their regions so somebody in Japan see something different than US, somebody in the UK see something different than in India. So we already have that model and we could translate content to about 15 different languages but realize that benefit programs are different, compensation programs are different but communication is still necessary no matter what language or what country you’re in.ADVICE TO ENTREPRENEURS FROM KEITH KITANI In Menlo Park (CA), we meet CEO and Co-Founder of GuideSpark, Keith Kitani. Keith talks about his story how he came up with the idea and founded GuideSpark, how the current business model works, as well as he provides some advice for young entrepreneurs.INTRODUCTIONMartin: Hi, today we are in Menlo Park in the GuideSpark office. Keith, who are you and what do you do?Keith: So I’m Keith Kitani and I’m the CEO and one of the co-founders of GuideSpark, a company that is really designed to help organizations communicate and connect with their employees better through video and mobile communications.Martin: And what did you do before? Because you‘ve had something like a really rollercoaster life over the last fifteen years or so.Keith: Exactly. It’s my second startup. I was originally, a long time ago an electrical engineer but went back to business school and changed my direction. But I started a company in the late nineties, it was a company called Presedia that we sold Macromed ia that was then bought by Adobe and that was Adobe Connect so it was really in the eLearning and communication space and decided that while I loved Adobe and that company that I wanted to start over and so we started this company 2008.Martin: How did you come up with the idea for GuideSpark?Keith: Well, I’d like to tell you that I just came up with it one day and all of a sudden it was rocket ship but unfortunately that wasn’t the case. So we started this company in 2008 and originally around the idea of helping people with financial education and financial health but that was right before the recession and that was not a great time to sell wellness products. So that was a tough time for a couple of years.But what ended up happening is we started talking to customers and customers really pointed us in a direction about helping them communicate better with their employees, around things like benefits and compensation programs. And so the way we came up with the idea overnight is that we kept listening to customers over the years of time and finally realized we had a big huge market opportunity and really around 2012 the company really started to grow very fast.Martin: Especially yourstory’s very interesting because you did a big pivot of your business model. Can you elaborate on how the business model was looking before and after?Keith: So, we were in an area of financial health, of financial education and financial wellness and that’s a business actually we are back in but at the time it was not a great time for HR. So we were actually running out of cash so we had to really find a business that we could really have that would sell to customers. So we talked to a lot of prospects and customers and found that they had this need to communicate more effectively around benefits and compensation. So they spent a ton of money here in the US on benefits and it’s hard for employees to really understand the value of those programs and so we were able to crea te video and mobile education around it and it worked well.BUSINESS MODEL OF GUIDESPARKMartin: Let’s talk about your business model for GuideSpark. Basically and currently who are your customers and what type of value proposition are you doing to them?Keith: We have an interesting customer base that has been around different startups and companies. But our customer base â€" we have over 600 customers, they range in size from 100 employees all the way up to the large Fortune 10 companies. And in fact we’re now in 20 percent of the Fortune 500 so it doesn’t matter what size company you are.The other thing interesting about our business is that we have almost every industry; so we have city governments, we have high tech companies, we have trucking companies, we have mining companies, we have pretty much every industry. And so if you think about it, every company has employees, every company has to communicate to those employees and we’re really starting to hit all of those dif ferent people.Martin: Mainly in the US because of the different kinds of regulations for benefits?Keith: Yes, so we’re US-based but we’re supporting some of our multinationals internationally. But the real value proposition is if you think about how companies communicate today, it’s really the same way they’ve been doing it for the last ten, twenty, fifty years. It is employee manuals, it’s PowerPoint presentations, it is long text emails and if you think about how you connect and get information in your daily lives it’s probably video, mobile, interactive. And so what we’re doing is really helping companies transform their traditional communications into these new forms of communication that really are more effective in engaging employees.Martin: And do you see some kind of increase in conversion rates from showing employees that information and then to really sign up to a specific benefit program?Keith: Absolutely, that’s one of our key value propositions but there are a lot more value propositions around that. So increased participation in programs is one of them but also reduced call center time, reduced travel, there are a lot of different opportunities that have been incredibly valuable for corporate companies to utilize.Martin: After you pivoted the business, how was it like to acquire the first customers? How did you tackle them?Keith: The way we pivoted the business and it’s interesting when people say ‘pivoted’, it feels like it should be a sharp turn. And for me it took a while because for many years we were telling every investor, every employee, every customer how financial wellness is the greatest thing in the world, so it takes a little while. Because we were listening to customers it actually wasn’t that hard to actually get them to sell because they would tell us what they wanted and then like any small company would say, “Hey that’s great that’s what we do”, as we started to sell it and started really to refine that offering and that value proposition.Martin: Did you first focus only on the Bay area in terms of customers or did you say, “Okay, let’s sell it nationwide?”Keith: So what I would say is for the first year or so we focused on the Bay Area but very, very quickly we realized it didn’t matter where you are. You are a company, you need to communicate and so we quickly grew all across the country because we’re able to really access them through telephone.Martin: How are you currently managing the customer relationships and trying to re-nurture them? So are you doing something like conferences with them or monthly walk-ins or steady calls?Keith: We do a variety of things: we certainly have an annual customer conference. But we also have a customer success team and our customer success and account management team check in at least quarterly with our customers to really you start doing business reviews because our goal is to make sure that our solutions adding value to their business. We are subscription-based model and so if we’renot continuing adding value they’re going to cancel. So it’s very important for us to constantly be in contact with them to make sure that our system and our solution is adding value to that them and their business.Martin: So you said that you’re based on a subscription model, how did you decide how to price your model?Keith: That’s always the hardest question when in a new market. Generally, if you’re in a market that already exists you can start to price off other people. But what I would say is it was kind of iterative. We had an idea of what this might cost and then you start to test in the marketplace and try to get an understanding of our value. And so we’ve been able to arrive at a good place in terms of different prices for different company sizes and different sizes of library.Martin: So over the last 18 to 24 months you’ve been growing extremely fast, did you perceive any types of growing pains or som e obstacles that you say, “Wow, that was really hard for us. And this is how we solved it.”Keith: Solving it, seems like we’re constantly growing so I’m not sure if we fully solved it. To give you an idea in the last three years we’ve grown from about 10 employees to three hundred and so you can imagine that there are growing pains every step of the way there and it’s systems and processes that break. The other thing that’s hard is also people. If you think about their skill sets, initial managers two years ago would have teams of two or three people, and now they could have 15 and it’s a totally different job, totally different skill set. And so for us it’s really making sure that we’re examining each stage of our business what’s right at that stage. And it can be tough because you have processes that you just implemented and you sit back and go, “Well maybe that’s not the right one” or you have a system that breaks.I mean this funny story that I always talk about is we found out that our payroll vendor had a maximum capacity of a hundred and fifty paychecks and how did we find that out? We ran a hundred and fifty-two. But when I first started with that payroll company last thing I was thinking about is what’s your maximum and you just run some paper checks and then you can find a new system. So I think it’s been a lot of kind of learning along the way. But the key thing for us is to make sure you realize that that’s part of what your business is that you can’t be too locked in because of that growth rate you have to constantly realize that business is going to change, systems are going to change, processes going to change and people have to grow and evolve.Martin: You’re mainly based in the Bay Area but you have other offices, so how are you trying to solve the recruiting issues that you’re currently facing because in the Bay Area because the unemployment seems to be very low. What kind of measures are you taking to ra ise offers for extending your growth?Keith: We’ve been very successful in getting people to join here in the Bay Area but it’s incredibly competitive. And so what we’ve done is we’ve selectivelyadded some offices, so we have a Boston office and a New York office primarily for sales. That’s not only for us to attract great people but also a lot of customers on the East Coast and so it’s a great opportunity for us to grow there. And we just added Portland so we wanted to addâ€" one of the other types of roles we have today are for designers and writers and a lot of creative people and so we’re adding office up to Portland and planning a big presence there. So all of those will supplement the Bay Area, we think talent here is just great place for us but we also needed to realize that we have a huge growth targets and we’ve got to complement elsewhere.Martin: And are you also planning to enter international clients because from my understanding the benefit system or the offerings are very country or regional specific and so once you’d like to enter India or China or some other country, I would guess you would need to produce a new content?Keith: So we do support multinationals. So we have companies like Adobe, where we support them internationally. So we have different content for each of their regions so somebody in Japan see something different than US, somebody in the UK see something different than in India. So we already have that model and we could translate content to about 15 different languages but realize that benefit programs are different, compensation programs are different but communication is still necessary no matter what language or what country you’re in.ADVICE TO ENTREPRENEURS FROM KEITH KITANIMartin: Keith, let’s talk about the learnings that you generated from your first two companies, maybe there were some other companies. What have been your major learnings?Keith: There’s a long list of learnings and mostly learned th e hard way. I touched on one of them already. I think the key is  to always be open to change. I think when you’re in business and business is growing and especially at the early stages you have to be very flexible. We had to pivot our business now at this chief growth stage we have to really make sure that our systems and processes are right and constantly re-look. I think one of the key things is to always be flexible.The other one for me is, you know,  you’ve got to be passionate about what you do  and you got to really realize it’s a long road. In GuideSpark here, the first four years we had almost no growth. I was telling you earlier we went from zero to four employees in the first three years. And it was like three to four employees and that’s all we had. And then all of a sudden, we took off. I think it’s about being passionate about what you want to go accomplish and sticking with it. Entrepreneurship can be hard at times.Martin: What do you like most about entrepr eneurship?Keith: I really like building, building products, building teams, building organizations. I think I’ve loved being at a larger companies like Adobe but I just get excited about building something new and that’s what I’m get to do here at GuideSpark. It’s fantastic, I love what I’m doing.Martin: Great. Keith, thank you so much for your time and sharing. It was a pleasure.Keith: Thank you.Martin: And next time if you’re thinking about what should you do next and you really enjoy entrepreneurship, just go out there and build a great company. Thank you.

Japan Key Facts and History

Few nations on Earth have had a more colorful history than Japan. Settled by migrants from the Asian mainland back in the mists of prehistory, Japan has seen the rise and fall of emperors, rule by samurai warriors, isolation from the outside world, expansion over most of Asia, defeat, and rebirth. One of the most war-like of nations in the early 20th century, Japan today often serves as a voice of pacifism and restraint on the international stage. Capital and Major Cities Capital: Tokyo Major Cities: Yokohama, Osaka, Nagoya, Sapporo, Kobe, Kyoto, Fukuoka Government Japan has a constitutional monarchy, headed by an emperor. The current emperor is Akihito; he wields very little political power, serving primarily as the symbolic and diplomatic leader of the country. The political leader of Japan is the Prime Minister, who heads the Cabinet. Japans bicameral legislature is made up of a 465-seat House of Representatives and a 242-seat House of Councillors. Japan has a four-tier court system, headed by the 15-member Supreme Court. The country has a European-style civil law system. ShinzÃ…  Abe is the current Prime Minister of Japan. Population Japan is home to about 126,672,000 people. Today, the country suffers from a very low birth rate, making it one of the most rapidly aging societies in the world. The Yamato Japanese ethnic group comprises 98.5 percent of the population. The other 1.5 percent includes Koreans (0.5 percent), Chinese (0.4 percent), and the indigenous Ainu (50,000 people). The Ryukyuan people of Okinawa and neighboring islands may or may not be ethnically Yamato. Languages The vast majority of Japans citizens (99 percent) speak Japanese as their primary language. Japanese is in the Japonic language family, and seems to be unrelated to Chinese and Korean. However, Japanese has borrowed heavily from Chinese, English, and other languages. In fact, 49 percent of Japanese words are loanwords from Chinese, and 9 percent come from English. Three writing systems coexist in Japan: hiragana, which is used for native Japanese words, inflected verbs, etc.; katakana, which is used for non-Japanese loanwords, emphasis, and onomatopoeia; and kanji, which is used to express the large number of Chinese loanwords in the Japanese language. Religion Most Japanese citizens practice a syncretic blend of Shintoism and Buddhism. Very small minorities practice Christianity, Islam, Hinduism, and Sikhism. The native religion of Japan is Shinto, which developed in prehistoric times. It is a polytheistic faith, emphasizing the divinity of the natural world. Shintoism does not have a holy book or founder. Most Japanese Buddhists belong to the Mahayana school, which came to Japan from Baekje Korea in the sixth century. In Japan, Shinto and Buddhist practices are combined into a single religion, with Buddhist temples being built at the sites of important Shinto shrines. Geography The Japanese archipelago includes more than 3,000 islands, covering a total area of 377,835 square kilometers (145,883 square miles). The four main islands, from north to south, are Hokkaido, Honshu, Shikoku, and Kyushu. Japan is largely mountainous and forested, with arable land making up only 11.6 percent of the country. The highest point is Mount Fuji, at 3,776 meters (12,385 feet). The lowest point is Hachiro-gata, which sits at four meters below sea level (-12 feet). Positioned astride the Pacific Ring of Fire, Japan features a number of hydrothermal features such as geysers and hot springs. The country suffers frequent earthquakes, tsunamis, and volcanic eruptions. Climate Stretching 3,500 km (2,174 miles) from north to south, Japan includes a number of different climate zones. It has a temperate climate overall, with four seasons. Heavy snowfall is the rule in the winter on the northern island of Hokkaido; in 1970, the town of Kutchan received 312 cm (over 10 feet) of snow in a single day. The total snowfall for that winter was more than 20 meters (66 feet). The southern island of Okinawa, in contrast, has a semi-tropical climate with an average annual temperate of 20 Celsius (72 degrees Fahrenheit). The island receives about 200 cm (80 inches) of rain per year. Economy Japan is one of the most technologically advanced societies on Earth; as a result, it has the worlds third largest economy by GDP (after the U.S. and China). Japanese exports include automobiles, consumer and office electronics, steel, and transportation equipment. Imports include food, oil, lumber, and metal ores. Economic growth stalled in the 1990s, but since has rebounded to a quietly respectable 2 percent per year. Per capita GDP in Japan is $38,440; 16.1 percent of the population lives below the poverty line. History Japan was settled about 35,000 years ago by Paleolithic people from the Asian mainland. At the end of the last Ice Age, about 10,000 years ago, a culture called the Jomon developed. Jomon hunter-gatherers fashioned fur clothing, wooden houses, and elaborate clay vessels. According to DNA analysis, the Ainu people may be descendants of the Jomon. The second wave of settlement by the Yayoi people introduced metal-working, rice cultivation, and weaving to Japan. DNA evidence suggests that these settlers came from Korea. The first era of recorded history in Japan is the Kofun (A.D. 250-538), which was characterized by large burial mounds or tumuli. The Kofun were headed by a class of aristocratic warlords; they adopted many Chinese customs and innovations. Buddhism came to Japan during the Asuka period, 538-710, as did the Chinese writing system. At this time, society was divided into clans.  The first strong central government developed during the Nara period (710-794). The aristocratic class practiced Buddhism and Chinese calligraphy, while agricultural villagers followed Shintoism. Japans unique culture developed rapidly during the Heian era (794-1185). The imperial court turned out enduring art, poetry, and prose. The samurai warrior class developed at this time as well. Samurai lords, called shogun, took over the government in 1185, and ruled Japan in the name of the emperor until 1868. The Kamakura Shogunate (1185-1333) ruled much of Japan from Kyoto. Aided by two miraculous typhoons, the Kamakura repelled attacks by Mongol armadas in 1274 and 1281. A particularly strong emperor, Go-Daigo, tried to overthrow the shogunate in 1331, resulting in a civil war between competing northern and southern courts that finally ended in 1392. During this time, a class of strong regional lords called daimyo increased in power; their rule lasted through the end of the Edo period, also known as the Tokugawa Shogunate, in 1868. That year, a new constitutional monarchy was established, headed by the Meiji Emperor. The power of the shoguns came to an end. After the Meiji Emperors death, the emperors son became the Taisho Emperor. His chronic illnesses kept him away from his duties and allowed the countrys legislature to introduce new democratic reforms. During World War I, Japan formalized its rule over Korea and seized control of northern China. The Showa Emperor, Hirohito, oversaw Japans aggressive expansion during World War II, its surrender, and its rebirth as a modern, industrialized nation.

Discussing the Greatness of Jay Gatsby Essay - 1211 Words

The first thing you see when you pick up the novel is the title. Fitzgerald chose the title ‘The Great Gatsby’ for his novel. This could lead us to believe that he personally believed his character to be great. However, this was not his only title for the book. The original title of the novel was: ‘Trimalchio in West Egg.’ Perhaps Fitzgerald changed the title as his story developed as he came to realise Gatsby’s greatness. However, this could be used to argue the other way, perhaps this original title relates more to the party throwing Gatsby and the hedonistic Jazz Age, suggesting that Gatsby isn’t great. Gatsby, as a rich man, has many beautiful possessions. This can be noticed in his ‘gorgeous’ car which had ‘a labyrinth of†¦show more content†¦Poetic language permeates this chapter, again giving Gatsby this fantastical status. Nick describes the food which is served at the party, the turkey was ‘bewitched to a dark gold’. This magical terminology presents an enchanting world to the reader. This could lead people to believe that Gatsby is truly great as we have Nick’s point of view, and his opinion of the enthralling party makes Gatsby seem great. However, these materialistic pleasures do not add to Gatsby’s greatness as much as his dream does. The ‘colossal vitality’ of his dream sets Gatsby apart from everybody else. The fact that he has total belief in his dream truly shows his greatness. His idealism is utterly admirable, ‘I’m going to fix everything just the way it was before – She’ll see.’ Gatsby, unlike all of the other characters in the novel is not materialistic. He has no concern for all of his belongings, because his wealth is all for love of Daisy, who clearly states that ‘rich girls don’t love poor boys.’ Gatsby cannot be blamed for the failure of his dream, his dream was only destined to crash because it was invested in a shallow person – Daisy. Gatsby’s dream is often described by Nick. He tells us that Gatsby had ‘thrown himself into it with a creative passion.’ His dream is immense to ‘romp like the min d of God’. These vivid descriptions from Nick provoke the feeling from the reader that Gatsby is great. Gatsby’s willingnessShow MoreRelatedThe Great Gatsby By F. Scott Fitzgerald1092 Words   |  5 Pagesin achieving greatness by reaching their goals. One of those goals could be to attain wealth or to become wealthy. Francis Fitzgerald’s fictional novel, The Great Gatsby, addresses the different effects wealth can have on certain individuals. All through this novel, one can find that the desire of wealth can cause the devastation of others. First of all, when one wishes for wealth to the extent that one wishes to lie, others suffer ruination. 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Both novels illustrate conflicts between the past and present that highlight the paradox of what should be the traditional American dream: growth, prosperity and love. These characters embody a restlessness, self-inventiveness and movement that aggravateRead MoreGreat Gatsby and the Influence of Money and Greed on Characters1777 Words   |  8 PagesMoney and corruption in F. Scott Fitzgeralds The Great Gatsby During the time in our countrys history called the roaring twenties, society had a new obsession, money. Just shortly after the great depression, peoples focus now fell on wealth and success in the economic realm. Many Americans would stop at nothing to become rich and money was the new factor in separation of classes within society. Wealth was a direct reflection of how successful a person really was and now became what many peopleRead MoreMoney and Corruption in F. Scott Fitzgeralds The Great Gatsby1761 Words   |  8 PagesMoney and Corruption in F. 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Critical Analysis of the India Sri Lanka Fta Free Essays

string(65) " was ultimately the major player in the move towards free trade\." INDIA – SRI LANKA BILATERAL FREE TRADE AGREEMENT: Critical Analysis INTERNATIONAL TRADE LAW PROJECT REPORT LLB 404 Submitted to: Asst. Professor MANISH SHARMA Submitted by: ADITYA VASHISTH 13510303809 (VIII Semester) May, 2013 Amity Law School, New Delhi TABLE OF CONTENTS 1. INTRODUCTION†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. We will write a custom essay sample on Critical Analysis of the India Sri Lanka Fta or any similar topic only for you Order Now 3 2. HISTORICAL OVERVIEW†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 5 3. CONCEPTUALIZATION OF THE ISFTA†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 8 4. CHARACHTERESTICS OF THE ISFTA†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 10 5. ASSESSMENT OF TRADE UNDER THE ISFTA†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦13 6. LOOKING BEYOND FTA: CEPA†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 17 7. CONCLUSION†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦19 8. BIBLIOGRAPHY†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦20 INTRODUCTION The growth of regional trade blocs has been one of the major developments in international relations in recent years. During the 1990s, regionalism was conceived as a developmental option in itself that would promote competitiveness of trade bloc members and help their fast integration into the international economy. As per the World Bank report on Global Economic Prospects (2005) the number of the Regional Trade Agreements (RTAs) has more than quadrupled since 1990 rising to around 230 by late 2004 and the trade between RTA partners now constitutes nearly 40% of total global trade. Quoting, World Trade Organisation (WTO) this report estimates another 60 agreements at various stages of negotiations. The World Bank report points out that the boom in Regional Trade Agreements (RTAs) reflects changes in certain countries trade policy objectives, the changing perceptions of the multilateral liberalization process, and the reintegration into the global economy of countries in transition from socialism. Regional agreements vary widely, but all have the objective of reducing barriers to trade between member countries which implies discrimination against trade with other countries. At their simplest, these agreements merely remove tariffs on intra bloc trade in goods, but many go beyond that to cover non-tariff barriers and to extend liberalization to investment and other policies. At their deepest, they have the goal of economic union and involve the construction of shared executive, judicial, and legislative institutions. [1] Among the seven member countries of the South Asian Association of Regional Cooperation (SAARC), India and Sri Lanka accounts for the largest bilateral trade flow in the region. Thanks to the India-Sri Lanka Free Trade Agreement (ISFTA) that was signed between the two countries in December 1998 and operationalized in March 2000. However, almost at the same time in 1993 the agreement on South Asian Preferential Trading Arrangement (SAPTA) was signed among the seven member countries of SAARC. The objective was to promote and sustain trade and economic cooperation within the SAARC region through the exchange of concessions. This pushed the agenda for promoting bilateral trade between India and Sri Lanka to the background. However, the negotiations under SAPTA progressed at a very slow pace and became a time consuming process. The failure of SAPTA brought about the desire for a free trade agreement with India to the forefront from the Sri Lankan side. It was felt that such an agreement would give the much needed market access to the exporters from Sri Lanka. India was also keen to acquire the South Asian markets and expressed its willingness to consider bilateral free trade agreements with its South Asian neighbours. Accordingly, the India-Sri Lanka Free Trade Agreement (ISFTA) was signed between the two countries on 28 December, 1998 in New Delhi, India and came into operation on 1 March, 2000. India and Sri Lanka look upon regional/bilateral FTAs as a complement to the multilateral trading system by ensuring the compatibility of the FTAs with the rules laid down by the WTO. Also, both countries are members of the South Asian Association for Regional Co-operation (SAARC) which envisaged the formation of a South Asian Free Trading Arrangement (SAFTA) through successive rounds of tariff concessions between member countries. However, the efforts of member countries have not yielded the expected results. [2] A Joint Study Group with representatives from both countries was set up which submitted its report in October 2003 that paved the way for negotiations on the Comprehensive Economic Partnership Agreement (CEPA). In the present context of Indo-Sri Lanka trade, the services agreement aims to remove/reduce market access and national treatment barriers, and promote co-operation between the services sectors of the two countries. [3] HISTORICAL OVERVIEW Trade relations between Sri Lanka and India date back to pre-colonial times. Under British rule, trade between the two countries was geared to fulfill the needs of the colonial power in the occupying territory, and was dominated by imports and exports in food-related items. After independence in 1947 and 1948 for India and Sri Lanka respectively, both national governments adopted inward-looking policies centered on the concepts of â€Å"self-reliance† and import substitution industrialization. Consequentially, a very modest level of trading took place between what became two virtually closed economies. In 1977, Sri Lanka became the first South Asian country to liberalize its economy, opening it up to the rest of the world. However, substandard products from India – the result of excessive inward-looking policies were not competitive against the goods from East Asia that flooded the Sri Lankan market. With partial liberalization of the Indian economy during the 1980s and further liberalization in 1991, trade began to pick up, particularly in favour of India. Between 1993 and 1996, there was a doubling of two-way trade, and between 1990 and 1996 imports of Indian goods to Sri Lanka grew by 556 per cent. In 1995, India replaced Japan as the largest source of imports to Sri Lanka, accounting for 8-9 per cent of total imports. For Sri Lanka, it became evident that trade with the SAARC region ultimately amounted to trade with India owing to the sheer size of the latter’s rapidly emerging economy and expanding middle-class population. Hence, the perceived mutual benefits of free trade between the two countries became increasingly clear. Sri Lanka’s private sector – frustrated by the slow progress of the SAPTA[4] to boost regional trade – pressurized the government to enter into a free trade agreement (FTA) with the Indian government that would increase market access for Sri Lankan exporters. [5] Birth of the ISFTA (India – Sri Lanka Free Trade Agreement)[6] Politics was ultimately the major player in the move towards free trade. You read "Critical Analysis of the India Sri Lanka Fta" in category "Papers" Sri Lanka entertained the hope of clearing away the political tensions of the 1980s and engaging India’s assistance once more in solving the North/East conflict of the country. India was propelled by an immediate need to acquire South Asian markets following economic sanctions imposed on the country for the nuclear tests conducted in May 1998. Among other factors, these political forces led to the signing of the Indo-Sri Lanka Bilateral Free Trade Agreement (ILBFTA) on December 28, 1998. The Commerce Secretary of India and Finance Secretary of Sri Lanka exchanged letters that operationalise the India-Sri Lanka Free Trade Agreement (ISFTA) between India and Sri Lanka signed in New Delhi on 28 December 1998 by H. E. the President of Sri Lanka and the Honorable Prime Minister of India with effect from 1st March 2000. [7] The economic objectives of Sri Lanka were to increase Trade ties with South Asia’s dominant economic power, to induce the transformation of Sri Lanka’s exports from low-value added goods to high value-added goods aimed at niche markets, and to provide low-income groups with cheap consumer imports from India. Moreover, Sri Lanka hoped to attract more export-oriented foreign direct investment (FDI) from third countries by promoting itself as an effective entry point into the Indian market. With the Board of Investment (BOI) being made a â€Å"one stop shop† in the early 1990s, Sri Lanka has long been a relatively appealing location for foreign investors compared to its more bureaucratized South Asian neighbours. [8] Thus, the agreement with effect from 1st March 2000, aimed to provide duty free as well as duty preference access for the goods manufactured in the two countries. Both the countries had listed products for immediate duty free entry into each other’s territories. India having agreed to phase out its tariffs on a large number of items within a period of three years. Sri Lanka, likewise to do so in eight years. Both the countries had drawn up ‘Negative Lists’ in respect of which no duty concessions will apply. These Lists would include items on which protection to local industry had been considered essential. Both the countries intended to reduce the items in the Negative List through periodic consultations. [9] The Agreement sets out the ‘Rules of Origin’ criteria for eligibility for preferential access. Products having domestic value addition of 35% will qualify for preferential market access. Sri Lanka’s exports with a domestic value addition content of 25% will also qualify for entry to the Indian market if they have a minimum of 10% Indian content. [10] CONCEPTUALIZATION OF THE ISFTA The conceptualization phase of the ISFTA occurred between December 1998 and March 2000, and was based on several previous studies and recommendations. [11] The agreement was intended to supersede the existing economic partnership under the SAARC, viz. , SAPTA. Bilateral free trade greements are traditionally formulated using the â€Å"positive list† approach, whereby each participating country catalogues the individual commodities for which it would grant preferences to the other. Nonetheless, owing to the time-consuming nature of such a method, the ISFTA was formulated on the â€Å"negative list† approach; each country extending concessions/ preferences to all commodities except those indicated in its â€Å"negative† list, namely items of a sensitive nature with regard to protecting national interests. The two countries agreed for preferential treatment on 5112 tariff lines (by 6-digit HS Code). An 8-year time table was devised for phasing out tariffs. Non-tariff barriers, such as Indian State taxes and customs- level procedures (e. g. , landing tax), were to be gradually removed as well. [12] Taking into account the asymmetry between the two countries, Sri Lanka was accorded special and differential treatment; the immediate duty- free list (319 items) and 50 per cent preferential duty list (889 items) were considerably smaller than those offered by India (1,351 items and 2,799 items, respectively), while the Sri Lankan negative list (1,180 items) was considerably larger than India’s (196 items). Among others, the agricultural sector of Sri Lanka was not subject to liberalization and was included in the negative list. The majority of Indian exports were initially granted only a 35 per cent duty concession with an 8-year tariff reduction period, while Sri Lankan exports were granted a 50 per cent concession with a 3-year tariff reduction period. Moreover, Sri Lanka was granted the freedom to reduce its negative list at her comfort level, instead of a pre-determined formula. Rules of origin (ROO) criteria were also relaxed in Sri Lanka’s favour. Preferential treatment requires a minimum of 35 per cent domestic value addition, or 25 per cent when Indian inputs comprise 10 per cent. In addition, although the agreement does not feature revenue compensation, Sri Lanka maintained that tariff concessions would not be granted for high-duty imports such as automobiles; import duties are an important source of government revenue and comprise 2 per cent of Sri Lankan GDP. Some aspects of the agreement were deferred for subsequent negotiation; these include the number of entry ports, Indian state-level taxes, customs procedures, and the specifics of phasing out non-tariff barriers. 13] The agreement included mechanisms for review and consultation, as well as settlement of disputes above and beyond the protection afforded to both countries under the safeguards clause. CHARACHTERESTICS OF THE ISFTA The ILFTA between India and Sri Lanka is a landmark in the bilateral relations between the two countries. It is expected to bring about enhan ced trade between the two countries as well as to expanded and diversified cooperation in a range of economic spheres, including investments. This is the first such Agreement in the South Asian region which could serve as a model for similar bilateral Agreements in the region. It has an institutional framework in the form of the Indo-Lanka Joint Commission, a dispute settlement mechanism, and so forth. Its significance further lies in that it can be implemented more expeditiously and also more flexibly, unlike the protracted nature of negotiations generally associated with multilateral arrangements. [14] These following features characterize Indo-Sri Lanka Free Trade Agreement: Elimination of Tariffs: 1. By India †¢ Zero duty on items upon entering into force of the Agreement – the list is to be finalized within 60 days of signing of the Agreement. E): 1351 products. †¢ Concessions on Textile items restricted to 25% on Chapters 51-56, 58-60, 63. Four Chapters under the Textile sector retained in the negative list (Chapters 50, 57, 61 and 62) (TEX): 528 products. †¢ Garments covering Chapters 6162 while remaining in the negative list, will be given 50% tariff concessions on a fixed basis, subject to an annual restriction of eight mill ion pieces, of which six million shall be extended the concession only if made of Indian fabric, provided that no category of garments shall exceed one and half million ieces per annum (GAM). †¢ 50% tariff preference on five tea items, subject to a quota of 15 million Kg. Per year (TEA): 5 products. †¢ 50% margin of preference upon coming into force of this Agreement on all items, except for those on the negative list. To be phased out to zero duty in three years (IR): 2799 products. †¢ A negative list of 429 items to be retained (D I): 429 products 2. By Sri Lanka †¢ Zero duty on about 319 items upon entering into force of the Agreement (F I): 319 products. Phasing out of tariffs on items with 50% margin of preference on 889 products upon coming into force of the Agreement, with up to 70% at the end of the 1st year, up to 90% at the end of the 2nd year and 100% at the end of 3rd year (F II): 889 products. †¢ For the remaining items, (except for those on the negative list), which is the Residual List, preference would be not less than 35% before the expiry of three years, 70% before the expiry of six years and 100% before the expiry of eighth year. (SLR): 2724 products. A negative list of 1180 items (DII): 1180 products. OBJECTIVES: The Objectives adopted are: †¢ Analyze how much of the bilateral trade – both imports and exports are covered under different categories of concessions offered and received by India and Sri Lanka over the past five years, viz. 1996-97 to 2000-01. †¢ To analyze, in terms of 21 HS Sections, the distribution of trade under each category. †¢ To analyze the top products in terms of 8-digit HS Classification for India and 6-digit classification for Sri Lanka under each category to identify the success stories. To ascertain the trade potential between the two countries and assess the same in terms of products offered concessions under different categories. This exercise is based on the last y ear of data availability. The concessions offered by the Contracting States have been at 6-digit HS classification. In order to attain the aforementioned objectives, the bilateral trade data[15] is analyzed at the highest level of desegregation for India, viz. 8-digit HS classification by disaggregating all concessions at 6-digit classification to 8-digit levels. ASSESSMENT OF TRADE UNDER THE ISFTA The India Sri Lanka FTA was signed in 1998 and became operational in March 2000. Mutual phased tariff concessions on different products on 6 digit Harmonized Classification (HS Code) basis have been granted by both the partners. Each side is having its negative lists[16] (no concessions), positive list (immediate full concessions) and a residual list5 (phased tariff reductions) as per the framework of ISLFTA. The preferential trade under the FTA is governed by Rules of Origin, which specify the criteria for a product to qualify for tariff concessions from the importing member. After signing of ISFTA, trade between India and Sri Lanka has increased manifold. India‘s import from Sri Lanka was US$ 45 million (0. 10% of total imports) in 1999, which increased to US$ 499 million (0. 29%) in 2006; India‘s export to Sri Lanka was US$ 482 million (1. 4% of total exports), which became US$ 2110 (1. 74%) in 2006. Similarly, Sri Lanka‘s import form India in 1998 was 538 million (9. 49%), which increased to US$ 1804 million (18. 46% rank 1) in 2006. Sri Lanka‘s exports to India has grown from US$ 35 million (0. 5%) in 1998 to US$ 490 million (7. 26%, rank 3) in the year 2006. In this way India became the major trading partner for Sri Lanka after the signing of the Agreement. The number of Sri Lanka‘s export items to India increased from 505 in 1996 to 1,062 in 2006 items on 6 digits of HS classification. There is a visible shift in Sri Lanka‘s exports from agricultural products to manufacturing goods The major products exported by S ri Lanka to India in 2006 included – Fats and Oils (22. 3%), Copper and Articles of Copper (8. 6%), Electrical Machinery (8. %) and Spices, Coffee, Tea (6. 2%). Similarly, India exported Mineral Fuel, Oil (22. 44%), Vehicles (18. 08%), Iron and Steel (4. 54%), Machinery, Reactors, Boilers (4. 22%) and Pharmaceutical Products (4. 13%) to Sri Lanka. There has been an increase in total share of import of Sri Lankan goods from 0. 10% in 1999 to 0. 29% in 2006. The import from Sri Lanka has also increased in the items on the residual list from 0. 2% in 1996 to 0. 47% in 2006. It is noteworthy that there has been an increase in the imports even in the negative list items from 0. % in 2001 to 1. 19 % in 2006. This could be mainly due to the increased awareness to partners market, smoothening of customs issues and improved access to ports of entry due to the increased engagement of partner countries on products having preferential tariffs on residual list, the so called border effect s. By 2008, the ISFTA entered into full force. Both governments were pleased with the results achieved through the Free Trade Agreement and proclaim that it had facilitated the expansion of two-way trade between India and Sri Lanka. India, which was once the second largest exporter to Sri Lanka pre-ISLFTA, has now become the island‘s largest source of imports. Meanwhile India has become the third largest export destination for Sri Lankan products (after the United States of America and the European Union). The argument is that, given the asymmetrical proportions of the economies of the two countries, if not for the ISLFTA, Sri Lankan exports would not have been able to achieve their current level of market penetration. The bilateral import-export ratio that had been 10. :1 in 2000 had improved in Sri Lanka‘s favour to 5. 3:1 by 2007. According to the then Indian High Commissioner to Colombo, the ratio may have been as skewed as 40:1 (in India‘s advantage, of course) had the ISLFTA not been in operation. [17] Over the ten years in which the ISLFTA has been in operation, Indian foreign direct investment in Sri Lanka has also expanded exponentially, most recently in telecommunications (Bharti Airt el) and glass-manufacturing (Piramal Glass), and biscuits and sweets (Britannia). In 2009, India was the island‘s third largest foreign investor (after China and the United Kingdom) with inflows of US$78 million and largely attracted to the telecommunications, energy and power sectors (Central Bank of Sri Lanka 2010: 114). The Institute of Policy Studies (2008: 47-48) has estimated that Indian foreign direct investment has expanded from a cumulative total of LKR165 million in 1998 (1. 3 percent of total FDI) to LKR19. 5 billion in 2005 (8. 3 percent of total FDI). However, the causal connection between the commencement of the ISLFTA and the spiral in inward foreign direct nvestment from India is asserted rather than demonstrated, and may have more to do with aggressive Indian investment strategies since that country‘s economic boom, than the existence of the Free Trade Agreement. [18] IMPACT OF THE FTA Despite its importance in the South Asian region, not many empirical studies have been conducted to access the impact of ISFTA. One study that attempted to analyze the impact of this FTA was conducted by Kelegema and Mukherjee in February 2007[19]. Their study is based on the bilateral trade flows under different categories of products. Sector wise imports and exports figures are compared before and after the FTA. They have concluded that the two countries have displayed political will to forge ahead towards economic integration and the considerable size disparity between the two economies does not hinder bilateral free trade when appropriate special and differential treatment is accorded to the smaller country. Some new goods from Sri Lanka have found entry into the Indian market following the exchange of preferences. Finally, they have concluded that the economic benefits of free trade can and do override political problems. [20] Another report on evaluating economic performance of the FTA is ? Joint Study Group on India –Sri Lanka Comprehensive Economic Partnership Agreement constituted by the partner Governments (JSG report, 2003)[21]. JSG (2003) has concluded that ISLFTA promoted a 48% increase in bilateral trade between 2001 and 2002, and at present India is the largest source of imports into Sri Lanka, accounting for 14% of Sri Lanka‘s global imports. India is the fifth largest export destination for Sri Lankan goods accounting for 3. 6% of Sri Lanka‘s global exports. [22] Based on the success of ISFTA, the JSG has recommended that the two countries enter into a Comprehensive Economic Partnership Agreement (CEPA) covering trade in services and investment and to build upon the ISLFTA by deepening and widening the coverage and binding of trade in goods. LOOKING BEYOND FTA: CEPA The decision to work towards a Comprehensive Economic Partnership Agreement (CEPA) was taken in June 2002. During the visit of the Sri Lankan Prime Minister to India in June 2002, the Prime Ministers of India and Sri Lanka discussed the profound changes in the international economic and political arena that have been generated by the process of globalization, on the one hand, and emergence of closer regional economic associations, on the other. They agreed on the need to widen the ambit of the ISLFTA to go beyond trade in goods to include services and to facilitate greater investment flow between the two countries. Accordingly, a Joint Study Group (JSG) was set up to make recommendations on how to take the two economies beyond trade towards greater integration and to impart renewed impetus and synergy to the bilateral economic interaction, through the conclusion of a Comprehensive Economic Partnership Agreement (CEPA). [23] Both sides have committed to an agreement consistent with the rules of the WTO. While the numerous shortcomings of the existing FTA must be remedied, its evident achievements can be built upon with relative ease to formulate the new agreement. The required institutional support is already in place with the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Ceylon Chamber Commerce, which function as the focal points for economic cooperation, as well as the Indo-Lanka Joint Commission and the FTA’s Working Group on Customs. The first round of technical-level negotiations (TLNs) on the CEPA commenced in February 2005, somewhat delayed after changes in government in both countries. Seven rounds of negotiations have been completed by 2006. The CEPA is to cover trade in goods and services, investment liberalization, and economic cooperation. The negotiations on goods focus primarily on reducing the ISFTA’s negative lists, relaxing ROO criteria, signing mutual recognition agreements (MRAs) on product standards and certification procedures, and concluding the Memorandum of Understanding (MOU) on consumer protection and legal metrology. Particular attention will be given to developing the supply side of the Sri Lankan economy. The CEPA will be notified under the GATT’s Article XXIV[24], which covers substantial trade instead of under the â€Å"Enabling Clause† which provides more flexibility to etermine the trade coverage between developing countries. In a nutshell, the main objectives of the CEPA are to: 1. Deepen existing preferential trade between the two countries 2. Reduce the negative lists of the ILBFTA 3. Relax ROO criteria 4. Liberalize the services sector beyond the coverage of the General Agreement on Trade in Services (GATS) 5. Liberalize investment 6. Facilitate economic cooperation as an i mpetus for liberalization of the services and investment sectors, with the Indian Line of Credit to play a crucial role. [25] CONCLUSION The operationalisation of the ISFTA in 2000 was an important step taken by the two countries to harness the economic complementarities between them. As expected, post  ­ISFTA bilateral trade performance between India and Sri Lanka indicates that exports and imports have grown considerably, accompanied by significant product diversification. Despite the fact that the ISFTA was confined to trade in goods, increases in trade links between India and Sri Lanka have been further triggered by large investment flows as well as services integration between two countries over time. Nevertheless, investment flows have been mostly one sided as would be expected, flowing from India to Sri Lanka, where the bulk of Indian investment in manufacturing in the post  ­ ISFTA phase has come from Indian investors keen to take advantage of preferential duty access to the Indian market in key sectors such as Vanaspathi and copper. Nevertheless, the potential for greater linkages in investment and services has been fairly obvious based on recent performance, and in part has encouraged both countries to further deepen integration in these areas under the CEPA framework. It is evident from detailed analysis of post ­ISFTA trade flows that Sri Lanka’s exports to India have expanded significantly. However, it is also clear that the overwhelming share of the increase has originated in a few commodities, raising concerns about the sustainability of the growth momentum in the long term. The bulk of the exports have been concentrated in two items, namely the vegetable fats and oils and copper and articles of copper, which are not considered to be sustainable in the long run. It is by resolving these issues that the movement towards CEPA could be put on fast track to make it a reality. CEPA has the potential to break new ground in South Asia’s forward movement towards economic prosperity. BIBLIOGRAPHY 1. Mukherjee, I. N. , T. Jayawardena and S. Kelegama (2002), ‘India-Sri Lanka Free Trade Agreement: An Assessment of Potential and Impact’, SANEI completed study (www. saneinetwork. net ). 2. The Graduate Institute Geneva, HEID Working Paper No: 04/2010: An Econometric Analysis of the India-Sri Lanka Free Trade Agreement. 3. Kelegama, S. nd Mukherji I. N. (2007), India-Sri Lanka Bilateral Free Trade Agreement: Six Years Performance and Beyond, RIS DP# 119, February 2007, Research and Information System for Developing Countries, New Delhi. 4. JSG (2003), India-Sri Lanka Comprehensive Economic Partnership Agreement, Joint Study Group, October 2003, http://www. ips. lk/publications/etc/cepa_reprot/islcepa. pdf 5. Jayawardena, L. et al. (1993 ), Indo-Sri Lanka Economic Cooperation: Facilitating Trade Expansion through a Reciprocal Preference Scheme, The United Nations University, WIDER, Helsinki. 6. An Act of Faith? † ten years of the India-Sri Lanka FTA, Law Society Trust, Sri Lanka, March 2010 (PDF File) 7. â€Å"India – Sri Lanka FTA: Lessons for SAFTA†, CUTS International, Dushni Weerakoon, Jayanthi Thennakoon. (PDF File) 8. Panchamukhi, V. R. et al. (1992), Indo-Sri Lanka Economic Cooperation: An Operational Programme, the United Nations University, WIDER, Helsinki. 9. Taneja, N. , A. Mukherjee, S. Jayanetti, and T. Jayawardena (2004), ‘Indo-Sri Lanka Trade in Services: FTA II and Beyond’, SANEI completed study (www. saneinetwork. net ). ———————– 1] An Econometric Analysis of India-Sri Lanka Free Trade Agreement, HEID Working Paper No: 04/2010 [2] See Shome (2001); Harilal and Joseph (1999); Taneja (2001). [3] Several Free Trad e Agreements related to goods trade are more of Preferential Trade Agreements rather than Free Trade Agreements. In the case of Indo-Sri Lanka, the terms CEPA and FTA are interchangeable. [4] The SAARC Preferential Trading Agreement (SAPTA) was signed in April 1993 and came into operation in December 1995. [5] RIS-DP # 119: India-Sri Lanka Bilateral Free trade Agreement, Saman Kelegama Indra Nath Mukherjee. 6] Available on the Board of Investment of Sri Lanka website, http://www. boi. lk [7] Supra, note 5. [8] Supra note 5. [9] Indo-Sri Lanka FTA: An Assessment of Potential and Impact, Saman Kelegama Indra Nath Mukherjee. [10] Supra note 9. [11] See Jayawardena, L. et al. (1993) and Panchamukhi, V. R. et al. (1992). [12] Supra note 5. [13] India had committed to the WTO that it would remove non-tariff barriers by 2004. [14] Supra note 9. [15] The data has been obtained from the Ministry of Commerce (India) electronic database over the period of 1996-97 to 2000-01. 16] Items, which are considered sensitive to the domestic industry by each partner to FTA, are included in the respective negative list. The items in negative list of Sri Lanka are not entitled for any duty concessions for imports from India. The same rule applies in case of India‘s negative list for Sri Lan kan products. [17] â€Å"An Act of Faith? † ten years of the India-Sri Lanka FTA, Law Society Trust, Sri Lanka, March 2010. [18] Supra note 17. [19] Supra note 9. [20] Supra note 1. [21] Joint Study Group Report on India-Sri Lanka Comprehensive Economic Partnership Agreement (JSG, 2003), can be found at : http://www. ps. lk/news/newsarchive/2003/20102003_islcepa_final/islcepa. pdf#search=’India%20Sri%20Lanka%20Trade%20Study’ [22] Supra note 1. [23] Supra note 21. [24] GATT– General Agreement on Tariffs and Trade. [25] The Indian Line of Credit is a credit facility granted by India to other developing countries to purchase goods and services from India, usually with a long re-payment period. Since January 2001, Sri Lanka has borrowed a total of US $281 million for the purchase of food, petroleum, buses, roofing sheets, and consulting services. How to cite Critical Analysis of the India Sri Lanka Fta, Papers

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string(65) " was ultimately the major player in the move towards free trade\." INDIA – SRI LANKA BILATERAL FREE TRADE AGREEMENT: Critical Analysis INTERNATIONAL TRADE LAW PROJECT REPORT LLB 404 Submitted to: Asst. Professor MANISH SHARMA Submitted by: ADITYA VASHISTH 13510303809 (VIII Semester) May, 2013 Amity Law School, New Delhi TABLE OF CONTENTS 1. INTRODUCTION†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. We will write a custom essay sample on Critical Analysis of the India Sri Lanka Fta or any similar topic only for you Order Now 3 2. HISTORICAL OVERVIEW†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 5 3. CONCEPTUALIZATION OF THE ISFTA†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 8 4. CHARACHTERESTICS OF THE ISFTA†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 10 5. ASSESSMENT OF TRADE UNDER THE ISFTA†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦13 6. LOOKING BEYOND FTA: CEPA†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 17 7. CONCLUSION†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦19 8. BIBLIOGRAPHY†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦20 INTRODUCTION The growth of regional trade blocs has been one of the major developments in international relations in recent years. During the 1990s, regionalism was conceived as a developmental option in itself that would promote competitiveness of trade bloc members and help their fast integration into the international economy. As per the World Bank report on Global Economic Prospects (2005) the number of the Regional Trade Agreements (RTAs) has more than quadrupled since 1990 rising to around 230 by late 2004 and the trade between RTA partners now constitutes nearly 40% of total global trade. Quoting, World Trade Organisation (WTO) this report estimates another 60 agreements at various stages of negotiations. The World Bank report points out that the boom in Regional Trade Agreements (RTAs) reflects changes in certain countries trade policy objectives, the changing perceptions of the multilateral liberalization process, and the reintegration into the global economy of countries in transition from socialism. Regional agreements vary widely, but all have the objective of reducing barriers to trade between member countries which implies discrimination against trade with other countries. At their simplest, these agreements merely remove tariffs on intra bloc trade in goods, but many go beyond that to cover non-tariff barriers and to extend liberalization to investment and other policies. At their deepest, they have the goal of economic union and involve the construction of shared executive, judicial, and legislative institutions. [1] Among the seven member countries of the South Asian Association of Regional Cooperation (SAARC), India and Sri Lanka accounts for the largest bilateral trade flow in the region. Thanks to the India-Sri Lanka Free Trade Agreement (ISFTA) that was signed between the two countries in December 1998 and operationalized in March 2000. However, almost at the same time in 1993 the agreement on South Asian Preferential Trading Arrangement (SAPTA) was signed among the seven member countries of SAARC. The objective was to promote and sustain trade and economic cooperation within the SAARC region through the exchange of concessions. This pushed the agenda for promoting bilateral trade between India and Sri Lanka to the background. However, the negotiations under SAPTA progressed at a very slow pace and became a time consuming process. The failure of SAPTA brought about the desire for a free trade agreement with India to the forefront from the Sri Lankan side. It was felt that such an agreement would give the much needed market access to the exporters from Sri Lanka. India was also keen to acquire the South Asian markets and expressed its willingness to consider bilateral free trade agreements with its South Asian neighbours. Accordingly, the India-Sri Lanka Free Trade Agreement (ISFTA) was signed between the two countries on 28 December, 1998 in New Delhi, India and came into operation on 1 March, 2000. India and Sri Lanka look upon regional/bilateral FTAs as a complement to the multilateral trading system by ensuring the compatibility of the FTAs with the rules laid down by the WTO. Also, both countries are members of the South Asian Association for Regional Co-operation (SAARC) which envisaged the formation of a South Asian Free Trading Arrangement (SAFTA) through successive rounds of tariff concessions between member countries. However, the efforts of member countries have not yielded the expected results. [2] A Joint Study Group with representatives from both countries was set up which submitted its report in October 2003 that paved the way for negotiations on the Comprehensive Economic Partnership Agreement (CEPA). In the present context of Indo-Sri Lanka trade, the services agreement aims to remove/reduce market access and national treatment barriers, and promote co-operation between the services sectors of the two countries. [3] HISTORICAL OVERVIEW Trade relations between Sri Lanka and India date back to pre-colonial times. Under British rule, trade between the two countries was geared to fulfill the needs of the colonial power in the occupying territory, and was dominated by imports and exports in food-related items. After independence in 1947 and 1948 for India and Sri Lanka respectively, both national governments adopted inward-looking policies centered on the concepts of â€Å"self-reliance† and import substitution industrialization. Consequentially, a very modest level of trading took place between what became two virtually closed economies. In 1977, Sri Lanka became the first South Asian country to liberalize its economy, opening it up to the rest of the world. However, substandard products from India – the result of excessive inward-looking policies were not competitive against the goods from East Asia that flooded the Sri Lankan market. With partial liberalization of the Indian economy during the 1980s and further liberalization in 1991, trade began to pick up, particularly in favour of India. Between 1993 and 1996, there was a doubling of two-way trade, and between 1990 and 1996 imports of Indian goods to Sri Lanka grew by 556 per cent. In 1995, India replaced Japan as the largest source of imports to Sri Lanka, accounting for 8-9 per cent of total imports. For Sri Lanka, it became evident that trade with the SAARC region ultimately amounted to trade with India owing to the sheer size of the latter’s rapidly emerging economy and expanding middle-class population. Hence, the perceived mutual benefits of free trade between the two countries became increasingly clear. Sri Lanka’s private sector – frustrated by the slow progress of the SAPTA[4] to boost regional trade – pressurized the government to enter into a free trade agreement (FTA) with the Indian government that would increase market access for Sri Lankan exporters. [5] Birth of the ISFTA (India – Sri Lanka Free Trade Agreement)[6] Politics was ultimately the major player in the move towards free trade. You read "Critical Analysis of the India Sri Lanka Fta" in category "Papers" Sri Lanka entertained the hope of clearing away the political tensions of the 1980s and engaging India’s assistance once more in solving the North/East conflict of the country. India was propelled by an immediate need to acquire South Asian markets following economic sanctions imposed on the country for the nuclear tests conducted in May 1998. Among other factors, these political forces led to the signing of the Indo-Sri Lanka Bilateral Free Trade Agreement (ILBFTA) on December 28, 1998. The Commerce Secretary of India and Finance Secretary of Sri Lanka exchanged letters that operationalise the India-Sri Lanka Free Trade Agreement (ISFTA) between India and Sri Lanka signed in New Delhi on 28 December 1998 by H. E. the President of Sri Lanka and the Honorable Prime Minister of India with effect from 1st March 2000. [7] The economic objectives of Sri Lanka were to increase Trade ties with South Asia’s dominant economic power, to induce the transformation of Sri Lanka’s exports from low-value added goods to high value-added goods aimed at niche markets, and to provide low-income groups with cheap consumer imports from India. Moreover, Sri Lanka hoped to attract more export-oriented foreign direct investment (FDI) from third countries by promoting itself as an effective entry point into the Indian market. With the Board of Investment (BOI) being made a â€Å"one stop shop† in the early 1990s, Sri Lanka has long been a relatively appealing location for foreign investors compared to its more bureaucratized South Asian neighbours. [8] Thus, the agreement with effect from 1st March 2000, aimed to provide duty free as well as duty preference access for the goods manufactured in the two countries. Both the countries had listed products for immediate duty free entry into each other’s territories. India having agreed to phase out its tariffs on a large number of items within a period of three years. Sri Lanka, likewise to do so in eight years. Both the countries had drawn up ‘Negative Lists’ in respect of which no duty concessions will apply. These Lists would include items on which protection to local industry had been considered essential. Both the countries intended to reduce the items in the Negative List through periodic consultations. [9] The Agreement sets out the ‘Rules of Origin’ criteria for eligibility for preferential access. Products having domestic value addition of 35% will qualify for preferential market access. Sri Lanka’s exports with a domestic value addition content of 25% will also qualify for entry to the Indian market if they have a minimum of 10% Indian content. [10] CONCEPTUALIZATION OF THE ISFTA The conceptualization phase of the ISFTA occurred between December 1998 and March 2000, and was based on several previous studies and recommendations. [11] The agreement was intended to supersede the existing economic partnership under the SAARC, viz. , SAPTA. Bilateral free trade greements are traditionally formulated using the â€Å"positive list† approach, whereby each participating country catalogues the individual commodities for which it would grant preferences to the other. Nonetheless, owing to the time-consuming nature of such a method, the ISFTA was formulated on the â€Å"negative list† approach; each country extending concessions/ preferences to all commodities except those indicated in its â€Å"negative† list, namely items of a sensitive nature with regard to protecting national interests. The two countries agreed for preferential treatment on 5112 tariff lines (by 6-digit HS Code). An 8-year time table was devised for phasing out tariffs. Non-tariff barriers, such as Indian State taxes and customs- level procedures (e. g. , landing tax), were to be gradually removed as well. [12] Taking into account the asymmetry between the two countries, Sri Lanka was accorded special and differential treatment; the immediate duty- free list (319 items) and 50 per cent preferential duty list (889 items) were considerably smaller than those offered by India (1,351 items and 2,799 items, respectively), while the Sri Lankan negative list (1,180 items) was considerably larger than India’s (196 items). Among others, the agricultural sector of Sri Lanka was not subject to liberalization and was included in the negative list. The majority of Indian exports were initially granted only a 35 per cent duty concession with an 8-year tariff reduction period, while Sri Lankan exports were granted a 50 per cent concession with a 3-year tariff reduction period. Moreover, Sri Lanka was granted the freedom to reduce its negative list at her comfort level, instead of a pre-determined formula. Rules of origin (ROO) criteria were also relaxed in Sri Lanka’s favour. Preferential treatment requires a minimum of 35 per cent domestic value addition, or 25 per cent when Indian inputs comprise 10 per cent. In addition, although the agreement does not feature revenue compensation, Sri Lanka maintained that tariff concessions would not be granted for high-duty imports such as automobiles; import duties are an important source of government revenue and comprise 2 per cent of Sri Lankan GDP. Some aspects of the agreement were deferred for subsequent negotiation; these include the number of entry ports, Indian state-level taxes, customs procedures, and the specifics of phasing out non-tariff barriers. 13] The agreement included mechanisms for review and consultation, as well as settlement of disputes above and beyond the protection afforded to both countries under the safeguards clause. CHARACHTERESTICS OF THE ISFTA The ILFTA between India and Sri Lanka is a landmark in the bilateral relations between the two countries. It is expected to bring about enhan ced trade between the two countries as well as to expanded and diversified cooperation in a range of economic spheres, including investments. This is the first such Agreement in the South Asian region which could serve as a model for similar bilateral Agreements in the region. It has an institutional framework in the form of the Indo-Lanka Joint Commission, a dispute settlement mechanism, and so forth. Its significance further lies in that it can be implemented more expeditiously and also more flexibly, unlike the protracted nature of negotiations generally associated with multilateral arrangements. [14] These following features characterize Indo-Sri Lanka Free Trade Agreement: Elimination of Tariffs: 1. By India †¢ Zero duty on items upon entering into force of the Agreement – the list is to be finalized within 60 days of signing of the Agreement. E): 1351 products. †¢ Concessions on Textile items restricted to 25% on Chapters 51-56, 58-60, 63. Four Chapters under the Textile sector retained in the negative list (Chapters 50, 57, 61 and 62) (TEX): 528 products. †¢ Garments covering Chapters 6162 while remaining in the negative list, will be given 50% tariff concessions on a fixed basis, subject to an annual restriction of eight mill ion pieces, of which six million shall be extended the concession only if made of Indian fabric, provided that no category of garments shall exceed one and half million ieces per annum (GAM). †¢ 50% tariff preference on five tea items, subject to a quota of 15 million Kg. Per year (TEA): 5 products. †¢ 50% margin of preference upon coming into force of this Agreement on all items, except for those on the negative list. To be phased out to zero duty in three years (IR): 2799 products. †¢ A negative list of 429 items to be retained (D I): 429 products 2. By Sri Lanka †¢ Zero duty on about 319 items upon entering into force of the Agreement (F I): 319 products. Phasing out of tariffs on items with 50% margin of preference on 889 products upon coming into force of the Agreement, with up to 70% at the end of the 1st year, up to 90% at the end of the 2nd year and 100% at the end of 3rd year (F II): 889 products. †¢ For the remaining items, (except for those on the negative list), which is the Residual List, preference would be not less than 35% before the expiry of three years, 70% before the expiry of six years and 100% before the expiry of eighth year. (SLR): 2724 products. A negative list of 1180 items (DII): 1180 products. OBJECTIVES: The Objectives adopted are: †¢ Analyze how much of the bilateral trade – both imports and exports are covered under different categories of concessions offered and received by India and Sri Lanka over the past five years, viz. 1996-97 to 2000-01. †¢ To analyze, in terms of 21 HS Sections, the distribution of trade under each category. †¢ To analyze the top products in terms of 8-digit HS Classification for India and 6-digit classification for Sri Lanka under each category to identify the success stories. To ascertain the trade potential between the two countries and assess the same in terms of products offered concessions under different categories. This exercise is based on the last y ear of data availability. The concessions offered by the Contracting States have been at 6-digit HS classification. In order to attain the aforementioned objectives, the bilateral trade data[15] is analyzed at the highest level of desegregation for India, viz. 8-digit HS classification by disaggregating all concessions at 6-digit classification to 8-digit levels. ASSESSMENT OF TRADE UNDER THE ISFTA The India Sri Lanka FTA was signed in 1998 and became operational in March 2000. Mutual phased tariff concessions on different products on 6 digit Harmonized Classification (HS Code) basis have been granted by both the partners. Each side is having its negative lists[16] (no concessions), positive list (immediate full concessions) and a residual list5 (phased tariff reductions) as per the framework of ISLFTA. The preferential trade under the FTA is governed by Rules of Origin, which specify the criteria for a product to qualify for tariff concessions from the importing member. After signing of ISFTA, trade between India and Sri Lanka has increased manifold. India‘s import from Sri Lanka was US$ 45 million (0. 10% of total imports) in 1999, which increased to US$ 499 million (0. 29%) in 2006; India‘s export to Sri Lanka was US$ 482 million (1. 4% of total exports), which became US$ 2110 (1. 74%) in 2006. Similarly, Sri Lanka‘s import form India in 1998 was 538 million (9. 49%), which increased to US$ 1804 million (18. 46% rank 1) in 2006. Sri Lanka‘s exports to India has grown from US$ 35 million (0. 5%) in 1998 to US$ 490 million (7. 26%, rank 3) in the year 2006. In this way India became the major trading partner for Sri Lanka after the signing of the Agreement. The number of Sri Lanka‘s export items to India increased from 505 in 1996 to 1,062 in 2006 items on 6 digits of HS classification. There is a visible shift in Sri Lanka‘s exports from agricultural products to manufacturing goods The major products exported by S ri Lanka to India in 2006 included – Fats and Oils (22. 3%), Copper and Articles of Copper (8. 6%), Electrical Machinery (8. %) and Spices, Coffee, Tea (6. 2%). Similarly, India exported Mineral Fuel, Oil (22. 44%), Vehicles (18. 08%), Iron and Steel (4. 54%), Machinery, Reactors, Boilers (4. 22%) and Pharmaceutical Products (4. 13%) to Sri Lanka. There has been an increase in total share of import of Sri Lankan goods from 0. 10% in 1999 to 0. 29% in 2006. The import from Sri Lanka has also increased in the items on the residual list from 0. 2% in 1996 to 0. 47% in 2006. It is noteworthy that there has been an increase in the imports even in the negative list items from 0. % in 2001 to 1. 19 % in 2006. This could be mainly due to the increased awareness to partners market, smoothening of customs issues and improved access to ports of entry due to the increased engagement of partner countries on products having preferential tariffs on residual list, the so called border effect s. By 2008, the ISFTA entered into full force. Both governments were pleased with the results achieved through the Free Trade Agreement and proclaim that it had facilitated the expansion of two-way trade between India and Sri Lanka. India, which was once the second largest exporter to Sri Lanka pre-ISLFTA, has now become the island‘s largest source of imports. Meanwhile India has become the third largest export destination for Sri Lankan products (after the United States of America and the European Union). The argument is that, given the asymmetrical proportions of the economies of the two countries, if not for the ISLFTA, Sri Lankan exports would not have been able to achieve their current level of market penetration. The bilateral import-export ratio that had been 10. :1 in 2000 had improved in Sri Lanka‘s favour to 5. 3:1 by 2007. According to the then Indian High Commissioner to Colombo, the ratio may have been as skewed as 40:1 (in India‘s advantage, of course) had the ISLFTA not been in operation. [17] Over the ten years in which the ISLFTA has been in operation, Indian foreign direct investment in Sri Lanka has also expanded exponentially, most recently in telecommunications (Bharti Airt el) and glass-manufacturing (Piramal Glass), and biscuits and sweets (Britannia). In 2009, India was the island‘s third largest foreign investor (after China and the United Kingdom) with inflows of US$78 million and largely attracted to the telecommunications, energy and power sectors (Central Bank of Sri Lanka 2010: 114). The Institute of Policy Studies (2008: 47-48) has estimated that Indian foreign direct investment has expanded from a cumulative total of LKR165 million in 1998 (1. 3 percent of total FDI) to LKR19. 5 billion in 2005 (8. 3 percent of total FDI). However, the causal connection between the commencement of the ISLFTA and the spiral in inward foreign direct nvestment from India is asserted rather than demonstrated, and may have more to do with aggressive Indian investment strategies since that country‘s economic boom, than the existence of the Free Trade Agreement. [18] IMPACT OF THE FTA Despite its importance in the South Asian region, not many empirical studies have been conducted to access the impact of ISFTA. One study that attempted to analyze the impact of this FTA was conducted by Kelegema and Mukherjee in February 2007[19]. Their study is based on the bilateral trade flows under different categories of products. Sector wise imports and exports figures are compared before and after the FTA. They have concluded that the two countries have displayed political will to forge ahead towards economic integration and the considerable size disparity between the two economies does not hinder bilateral free trade when appropriate special and differential treatment is accorded to the smaller country. Some new goods from Sri Lanka have found entry into the Indian market following the exchange of preferences. Finally, they have concluded that the economic benefits of free trade can and do override political problems. [20] Another report on evaluating economic performance of the FTA is ? Joint Study Group on India –Sri Lanka Comprehensive Economic Partnership Agreement constituted by the partner Governments (JSG report, 2003)[21]. JSG (2003) has concluded that ISLFTA promoted a 48% increase in bilateral trade between 2001 and 2002, and at present India is the largest source of imports into Sri Lanka, accounting for 14% of Sri Lanka‘s global imports. India is the fifth largest export destination for Sri Lankan goods accounting for 3. 6% of Sri Lanka‘s global exports. [22] Based on the success of ISFTA, the JSG has recommended that the two countries enter into a Comprehensive Economic Partnership Agreement (CEPA) covering trade in services and investment and to build upon the ISLFTA by deepening and widening the coverage and binding of trade in goods. LOOKING BEYOND FTA: CEPA The decision to work towards a Comprehensive Economic Partnership Agreement (CEPA) was taken in June 2002. During the visit of the Sri Lankan Prime Minister to India in June 2002, the Prime Ministers of India and Sri Lanka discussed the profound changes in the international economic and political arena that have been generated by the process of globalization, on the one hand, and emergence of closer regional economic associations, on the other. They agreed on the need to widen the ambit of the ISLFTA to go beyond trade in goods to include services and to facilitate greater investment flow between the two countries. Accordingly, a Joint Study Group (JSG) was set up to make recommendations on how to take the two economies beyond trade towards greater integration and to impart renewed impetus and synergy to the bilateral economic interaction, through the conclusion of a Comprehensive Economic Partnership Agreement (CEPA). [23] Both sides have committed to an agreement consistent with the rules of the WTO. While the numerous shortcomings of the existing FTA must be remedied, its evident achievements can be built upon with relative ease to formulate the new agreement. The required institutional support is already in place with the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Ceylon Chamber Commerce, which function as the focal points for economic cooperation, as well as the Indo-Lanka Joint Commission and the FTA’s Working Group on Customs. The first round of technical-level negotiations (TLNs) on the CEPA commenced in February 2005, somewhat delayed after changes in government in both countries. Seven rounds of negotiations have been completed by 2006. The CEPA is to cover trade in goods and services, investment liberalization, and economic cooperation. The negotiations on goods focus primarily on reducing the ISFTA’s negative lists, relaxing ROO criteria, signing mutual recognition agreements (MRAs) on product standards and certification procedures, and concluding the Memorandum of Understanding (MOU) on consumer protection and legal metrology. Particular attention will be given to developing the supply side of the Sri Lankan economy. The CEPA will be notified under the GATT’s Article XXIV[24], which covers substantial trade instead of under the â€Å"Enabling Clause† which provides more flexibility to etermine the trade coverage between developing countries. In a nutshell, the main objectives of the CEPA are to: 1. Deepen existing preferential trade between the two countries 2. Reduce the negative lists of the ILBFTA 3. Relax ROO criteria 4. Liberalize the services sector beyond the coverage of the General Agreement on Trade in Services (GATS) 5. Liberalize investment 6. Facilitate economic cooperation as an i mpetus for liberalization of the services and investment sectors, with the Indian Line of Credit to play a crucial role. [25] CONCLUSION The operationalisation of the ISFTA in 2000 was an important step taken by the two countries to harness the economic complementarities between them. As expected, post  ­ISFTA bilateral trade performance between India and Sri Lanka indicates that exports and imports have grown considerably, accompanied by significant product diversification. Despite the fact that the ISFTA was confined to trade in goods, increases in trade links between India and Sri Lanka have been further triggered by large investment flows as well as services integration between two countries over time. Nevertheless, investment flows have been mostly one sided as would be expected, flowing from India to Sri Lanka, where the bulk of Indian investment in manufacturing in the post  ­ ISFTA phase has come from Indian investors keen to take advantage of preferential duty access to the Indian market in key sectors such as Vanaspathi and copper. Nevertheless, the potential for greater linkages in investment and services has been fairly obvious based on recent performance, and in part has encouraged both countries to further deepen integration in these areas under the CEPA framework. It is evident from detailed analysis of post ­ISFTA trade flows that Sri Lanka’s exports to India have expanded significantly. However, it is also clear that the overwhelming share of the increase has originated in a few commodities, raising concerns about the sustainability of the growth momentum in the long term. The bulk of the exports have been concentrated in two items, namely the vegetable fats and oils and copper and articles of copper, which are not considered to be sustainable in the long run. It is by resolving these issues that the movement towards CEPA could be put on fast track to make it a reality. CEPA has the potential to break new ground in South Asia’s forward movement towards economic prosperity. BIBLIOGRAPHY 1. Mukherjee, I. N. , T. Jayawardena and S. Kelegama (2002), ‘India-Sri Lanka Free Trade Agreement: An Assessment of Potential and Impact’, SANEI completed study (www. saneinetwork. net ). 2. The Graduate Institute Geneva, HEID Working Paper No: 04/2010: An Econometric Analysis of the India-Sri Lanka Free Trade Agreement. 3. Kelegama, S. nd Mukherji I. N. (2007), India-Sri Lanka Bilateral Free Trade Agreement: Six Years Performance and Beyond, RIS DP# 119, February 2007, Research and Information System for Developing Countries, New Delhi. 4. JSG (2003), India-Sri Lanka Comprehensive Economic Partnership Agreement, Joint Study Group, October 2003, http://www. ips. lk/publications/etc/cepa_reprot/islcepa. pdf 5. Jayawardena, L. et al. (1993 ), Indo-Sri Lanka Economic Cooperation: Facilitating Trade Expansion through a Reciprocal Preference Scheme, The United Nations University, WIDER, Helsinki. 6. An Act of Faith? † ten years of the India-Sri Lanka FTA, Law Society Trust, Sri Lanka, March 2010 (PDF File) 7. â€Å"India – Sri Lanka FTA: Lessons for SAFTA†, CUTS International, Dushni Weerakoon, Jayanthi Thennakoon. (PDF File) 8. Panchamukhi, V. R. et al. (1992), Indo-Sri Lanka Economic Cooperation: An Operational Programme, the United Nations University, WIDER, Helsinki. 9. Taneja, N. , A. Mukherjee, S. Jayanetti, and T. Jayawardena (2004), ‘Indo-Sri Lanka Trade in Services: FTA II and Beyond’, SANEI completed study (www. saneinetwork. net ). ———————– 1] An Econometric Analysis of India-Sri Lanka Free Trade Agreement, HEID Working Paper No: 04/2010 [2] See Shome (2001); Harilal and Joseph (1999); Taneja (2001). [3] Several Free Trad e Agreements related to goods trade are more of Preferential Trade Agreements rather than Free Trade Agreements. In the case of Indo-Sri Lanka, the terms CEPA and FTA are interchangeable. [4] The SAARC Preferential Trading Agreement (SAPTA) was signed in April 1993 and came into operation in December 1995. [5] RIS-DP # 119: India-Sri Lanka Bilateral Free trade Agreement, Saman Kelegama Indra Nath Mukherjee. 6] Available on the Board of Investment of Sri Lanka website, http://www. boi. lk [7] Supra, note 5. [8] Supra note 5. [9] Indo-Sri Lanka FTA: An Assessment of Potential and Impact, Saman Kelegama Indra Nath Mukherjee. [10] Supra note 9. [11] See Jayawardena, L. et al. (1993) and Panchamukhi, V. R. et al. (1992). [12] Supra note 5. [13] India had committed to the WTO that it would remove non-tariff barriers by 2004. [14] Supra note 9. [15] The data has been obtained from the Ministry of Commerce (India) electronic database over the period of 1996-97 to 2000-01. 16] Items, which are considered sensitive to the domestic industry by each partner to FTA, are included in the respective negative list. The items in negative list of Sri Lanka are not entitled for any duty concessions for imports from India. The same rule applies in case of India‘s negative list for Sri Lan kan products. [17] â€Å"An Act of Faith? † ten years of the India-Sri Lanka FTA, Law Society Trust, Sri Lanka, March 2010. [18] Supra note 17. [19] Supra note 9. [20] Supra note 1. [21] Joint Study Group Report on India-Sri Lanka Comprehensive Economic Partnership Agreement (JSG, 2003), can be found at : http://www. ps. lk/news/newsarchive/2003/20102003_islcepa_final/islcepa. pdf#search=’India%20Sri%20Lanka%20Trade%20Study’ [22] Supra note 1. [23] Supra note 21. [24] GATT– General Agreement on Tariffs and Trade. [25] The Indian Line of Credit is a credit facility granted by India to other developing countries to purchase goods and services from India, usually with a long re-payment period. Since January 2001, Sri Lanka has borrowed a total of US $281 million for the purchase of food, petroleum, buses, roofing sheets, and consulting services. How to cite Critical Analysis of the India Sri Lanka Fta, Papers