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

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

Slough And Composed Upon Westminster Bridge Essay Example For Students

Slough And Composed Upon Westminster Bridge Essay The purpose of this essay is to compare and contrast the two poems Slough and Composed Upon Westminster Bridge. I shall be focusing on the structure, language, cultural contexts and the historical and social influences on the poems. William Wordsworth wrote Composed Upon Westminster Bridge on September 3rd 1802. Wordsworth expresses his inspiration about London where people were free from tyranny and oppression, and Wordsworth reflects upon this with enthusiasm and admiration. He was a romantic poet and looking at London restored in the goodness of mankind, which he witnessed and translated his faith into this beautiful poem. I found an extract of Dorothy Wordsworths (William Wordsworths Wife) journal, which she had written on July 31st 1802. Dorothy described the scene as she and her brother left London and headed for Calais early that morning. Dorothy wrote, It was a beautiful morning. The city St Pauls with the river and a multitude of little boats made a most beautiful sight as we crossed Westminster Bridge. The houses were not overhung by their cloud of smoke, and they were spread out endlessly, yet the sun shone so brightly, with such a fierce light; that there was something like the purity of one of natures own grand spectacles. This poem is partly what inspired Wordsworth John Betjeman wrote Slough in 1936. Betjeman too described his surroundings, which were set in a suburb of London. The difference was that Bateman described his surroundings in a horrible way. The poem Bateman wrote is a critical view of what he saw through his own eyes of how society was developing in all classes, and the effects that the First World War had upon society in general. Composed upon Westminster Bridge is a patriarchal sonnet which consists of fourteen lines and has a set rhyme scheme of a, b, a, b, b, a, c, d, c, d, c, d. The first eight lines of the poem are called an octet. This breaks down the rhyme. The last six lines of the poem are called a sestet. The rhythm that this poem uses is very regular and has an iambic pentameter. This makes the poem lyrical and much easier to read. The way that Wordsworth uses this throughout the poem adds to the feeling of control, balance and predictability. The rhyme scheme he uses works very well and is very effective. Slough in contrast is made up of four line stanzas in pairs. The rhyming scheme used is a,a,a,b,c,c,c,b,d,d,d,e,f,f,f,e. The last line of each pair of stanzas rhyme. This has the effect of flowing onto the next stanza. And soon the first three rhymes set the movement and lyrical quality of each stanza as in Slough now and cow. But the last line ends on death. The structure that I prefer is the structure used for Slough. I prefer this because it stays on one level until the very last beat of every line, which then is changed quickly. I particularly liked the way the first word of each stanza is emphasised. It is a negative word like hell and tears. The language that William Wordsworth uses consists of clever imagery. An example of this is used in his first line: Earth has not anything to show more fair: this line shows that there was nothing that could of compared to London. On Earth it was more beautiful than anything else. This is an example of my hyperbole. Another example that he uses is: Never did the sun more beautifully steep. By this Wordsworth means that at no other time had he seen the sunset rise as beautiful as it was. He also uses assonance. He uses this on his second and third line where he writes; Dull would be of soul who could pass by. This repeating of o and u help to give the lines a soft, calm feel. It appears the peoples lives are artificial and man-made. The way he describes the city as though it was a garment is the use of personification. He gives the city a human quality of looking glamorous. This city now doth like a garment wear. He includes the metaphor a sight so touching in its majesty; which makes the scene sound as if it were royal or blessed by God. He is saying the city is the King of all cities. I also like the metaphor he used at the end of the poem, Heart, to show that he saw the city as a living thing. He says the very houses seem asleep to emphasise this idea. .u8528317f172aeda2dce1ddba56b1cb27 , .u8528317f172aeda2dce1ddba56b1cb27 .postImageUrl , .u8528317f172aeda2dce1ddba56b1cb27 .centered-text-area { min-height: 80px; position: relative; } .u8528317f172aeda2dce1ddba56b1cb27 , .u8528317f172aeda2dce1ddba56b1cb27:hover , .u8528317f172aeda2dce1ddba56b1cb27:visited , .u8528317f172aeda2dce1ddba56b1cb27:active { border:0!important; } .u8528317f172aeda2dce1ddba56b1cb27 .clearfix:after { content: ""; display: table; clear: both; } .u8528317f172aeda2dce1ddba56b1cb27 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u8528317f172aeda2dce1ddba56b1cb27:active , .u8528317f172aeda2dce1ddba56b1cb27:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u8528317f172aeda2dce1ddba56b1cb27 .centered-text-area { width: 100%; position: relative ; } .u8528317f172aeda2dce1ddba56b1cb27 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u8528317f172aeda2dce1ddba56b1cb27 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u8528317f172aeda2dce1ddba56b1cb27 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u8528317f172aeda2dce1ddba56b1cb27:hover .ctaButton { background-color: #34495E!important; } .u8528317f172aeda2dce1ddba56b1cb27 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u8528317f172aeda2dce1ddba56b1cb27 .u8528317f172aeda2dce1ddba56b1cb27-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u8528317f172aeda2dce1ddba56b1cb27:after { content: ""; display: block; clear: both; } READ: Discuss, compare and contrast 2 poems "I am" by John Clare and "Wants" by Philip Larkin EssayI cant imagine what London was like when Wordsworth described it. He said it was open into the fields and sky, and that the air was smokeless he must have been a real romantic to not have noticed the poverty and dirt. The language of Slough is very different. The opening sentence of Slough draws the readers attention as it says Come friendly bombs and fall on Slough. This is a bit paradoxical as bombs are far from friendly. He uses repetition too, to get his point across. Tinned fruit, tinned meat, tinned beans, tinned minds, tinned breath. The last two in the list are metaphors and are used to show that man is trapped in his environment. This environment isnt fit for humans now and there isnt grass to graze a cow. It appears the peoples lives are artificial and man-made. Through reading the text I got given the impression that his attitude was very bitter and condemning. An example of his bitterness is Mess up the mess they call a town. This is bitter because he thinks that Slough should be destroyed. The verse And get that man with double chin, wholl always cheat and always win, who washes his repulsive skin, in womens tears is very aggressive as it is about men who over indulge in the comforts of their wealth and abuse their wealthy status to manipulate the members of the under privileged in the society who look to him for comfort. Betjeman uses his words effectively to express his hatred for Slough. He says the ordinary workers; the bald young clerks have tasted hell. The ideas of artificial lives is cont6inued in his description of the peoples lives. They drink in Bogus Tudor bars; they have peroxide hair and they paint their nails. I preferred Composed Upon Westminster Bridge rather than Slough as I found that the poem was very calming and tranquil. It was short, easy to read and easy to understand. The ways that Wordsworth described the place made the poem shine because it was made to sound really peaceful and beautiful. I was able to create a vision of a place that seemed non-existent, or far out of our reach, but Wordsworth really captures the beauty.

Violent Music and Its Impact on children Essay Example For Students

Violent Music and Its Impact on children Essay Violent Music and it Impact on Children Causes and Impact of Emotional, Financial, and Physical Abuse of the Elderly Augustine Reeves Delaware Community County College April 16 2014 Introduction Does violent music really impact children life? We asked these questions every day, but do we get the right answers? This is unpredictable. No one knows what will be the outcome if we do not have music in our life. When I was a kid music was part of my every day activities. Rap, RB, Country etc. Was profanities used in those songs? Yes. Did I used them in the streets? Yes. We will write a custom essay on Violent Music and Its Impact on children specifically for you for only $16.38 $13.9/page Order now But does it really makes us who we are today. Different Medias Anderson, Carnage, and Banks(2003) emphasize the differences between Medias which one is more effective. Such as watching music videos and listening to audios only music. Is it more effective for a kid to do what he or she saw in the video, then saying what he or she heard in a music lyric. Music videos are more doable for children. Children will most likely take what they saw and transform it in their way of doing. The why Most parents who cares about their children behaviors will always block musical channels like B. E. T and M. T. V, and would rather allow their children to listen to amp music. In other to imitates a music lyric, you have to be a good listener, how to use to lyrics in different ways. Violent Music lyrics Impact on Children When listening to audio music with lyric, it increases thought, aggression, and emotions feeling on children. Most words that are used in lyrics are aggressive and nonaggression. According to Exposure to Violent Music, Craig A. Anderson, Nicholas L. Violent Music and Its Impact on children By Augustine Nonaggression words. Aggressive Words blood, fight hurt wound etcher gun choke hatchet knife Nonaggression Words alley drugs police stick animal movie red bottle night rock The experiment was to allow college students to listen to music with these aggressive words and nonaggression words and see what will be the outcome, and heir behaviors. The outcome was very clear that after the experiment was over the students who listened to the aggressive music had more negative feeling and aggressive thought of doing something, then the student who listened to the non- aggressive songs. Children have the mind of believing anything they hear or sees. Children who listens to aggressive music believe that they do not need to go to school, they believe they can sell drugs, become a rapper themselves, not listening to their parents because that what they heard while listening to aggressive music. That how aggressive music can impact children life. Violent Music video Impact on Children life According to helping to Curb Youth Violence, Jan L. Peterson and Russ Newman (2000) believed that youth between the age 12 and 24 year face the highest risk of being involves in violent acts and most likely involved in being kill. About nearly 60% of kid death are result of violent behaviors. Such as, homicide, accidents, gang fighting, dating assault etc. Because youth spend almost 6 to 12 hours a day watching MET, B. E. T, Youth, and other music channels. Musical videos is more about sexual oriented acts. It is said that teen who listen to rap video become more involve in violent dating. Musical videos are influenced and threaten to children. Conclusion I believe to that my thinking, my movement, my thoughts have something to do with music. As a youth I believe the image of music, the words, the videos act should be limited. But at the same time we cannot live without these things in our life no matter how risky it is. .u34970e50e72f696d6c1b9e6347d6523c , .u34970e50e72f696d6c1b9e6347d6523c .postImageUrl , .u34970e50e72f696d6c1b9e6347d6523c .centered-text-area { min-height: 80px; position: relative; } .u34970e50e72f696d6c1b9e6347d6523c , .u34970e50e72f696d6c1b9e6347d6523c:hover , .u34970e50e72f696d6c1b9e6347d6523c:visited , .u34970e50e72f696d6c1b9e6347d6523c:active { border:0!important; } .u34970e50e72f696d6c1b9e6347d6523c .clearfix:after { content: ""; display: table; clear: both; } .u34970e50e72f696d6c1b9e6347d6523c { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u34970e50e72f696d6c1b9e6347d6523c:active , .u34970e50e72f696d6c1b9e6347d6523c:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u34970e50e72f696d6c1b9e6347d6523c .centered-text-area { width: 100%; position: relative ; } .u34970e50e72f696d6c1b9e6347d6523c .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u34970e50e72f696d6c1b9e6347d6523c .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u34970e50e72f696d6c1b9e6347d6523c .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u34970e50e72f696d6c1b9e6347d6523c:hover .ctaButton { background-color: #34495E!important; } .u34970e50e72f696d6c1b9e6347d6523c .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u34970e50e72f696d6c1b9e6347d6523c .u34970e50e72f696d6c1b9e6347d6523c-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u34970e50e72f696d6c1b9e6347d6523c:after { content: ""; display: block; clear: both; } READ: Music sampling EssayLife can be very stressful especially for the elderly. Sometime it is hard to imagine how life would be financially when getting older and knowing you wont be able to work and support your family. Situation like those can lead to depression, emotions, and can sometime lead to violent in the family. Most elderly realize that they cannot depend on social security tax anymore. Financial Exploitation on Elderly According to Shelley L. Jackson and Thomas L. Haberdasher (2012), financial exploitation s defined as the illegal or improper use of an elderly persons funds, property, or assets. It is said that elderly victims annually loss $2. 9 billion to financial exploitation in Midlife 2009. Those lost can be very effective on the elderly because these are something they worked for their life. Retirement is what every individual wants so a retire person it is hard to replace a lost assets. Therefore it can lead to loss of independence and security for an elderly person. With that situation the person have to rely on a family member, or even going far as getting on social welfare. For that season it can lead to self-decline, depression, even suicide attempt. What leads to Depression on Elderly? Depression does not really start with someone already at the age of 65. It can start with a person at age of 17 and follow till they are in their asss. According to The relationship between stress and depression, Vivian Kraal], Simms Seekers, and Ella Remains state that life events in relation to physical, sexual, and emotional abuse and maltreatment during childhood. For example, a 16 year old girl lost both parents at that age she will most like be depress and might affect her life going forward. Elderly depression can also come from lack of financially assistance at a young age. A person who can work, or work and not save enough for the future can lead to depression. Because at the age of 50 they to worry about who will take care of them, theyll to worry about going to nursing home. Causes of Physical Abuse on Elderly Elderly people experience more physical abuse then others. Some causes of physical abuse on elderly are domestic violence and caregiver problem. Family issues come with domestic violence. The process of an elderly person living with a spouse can be trustful especially if the elder is sick or have mental issues. Sometime it can be financial problem. Buying all the medication, the food, and cloths. If the spouse not doing to responsibility it is consider as an abuse. The next one is caregivers. Sometime caregivers are having their own problem. It may be personal issues, psychological issues, and mental issues. The risk is very high when someone with these situation life with an elder. Physical Abuse can come when a sick elderly refuses to take his or her medication especially when it is at a consistence rate. The receiver can become to scream, names calling, and sometimes lead to hitting the elderly person.

Equal rights for all essays

Equal rights for all essays A constitutional ban on gay marriage is a declaration of war against gay America (Bumiller). It is an act of discrimination and intolerance solely based on religious perspectives. Allowing gays and lesbians the same rights as everyone else does nothing to harm or take away the rights of others. This amendment should not be allowed to pass, and the basic civil right to get married should be extended to all Americans. In the past the constitution has been amended to expand and protect the rights of Americans. This will be the first time it has been used to limit and take away rights. For example, a constitutional amendment expanded the rights of women to vote, and another gave African Americans equal rights instead of separate but equal rights as put on them by the Jim crow laws. These rights were separate but they were far from equal. In a sense the discrimination of gays and lesbians goes back to the old Jim crow laws of separate but not equal, by not allowing us to get married but instead letting the states decide if they will allow civil unions. Civil unions are a far step from marriage. They do not provide for 1,049 federal benefits that full marriage guarantees (Meade). Some of these rights that straight married couples take for granted are: Social Security survivor benefits, spousal privilege in a court trial, time off work if a partner is sick or has passed away, the ability to make medical decisions if there partner is unable to, and veterans survivors benefits. New York congressman Jerrold Nadler argues that an extremely important constitutional principal, is the right to ensure that all Americans are treated equally under the law. He also says that the passing of this amendment would permanently deny a large group of Americans access t ...

Long-Term Investment Decisions Research Paper Example | Topics and Well Written Essays - 1000 words

Long-Term Investment Decisions - Research Paper Example Internal factors are the factors that are influenced by the business establishment internally while external factors are factors that affect an investment where the business establishment has no control over. An example of such factors is government involvement. Why Government Regulation is or is not needed Normally, market structures and systems are formed by the various aspects of demand and supply. However, governments intervene in the market systems in various ways. Such ways include taxation, subsidies, allocation of rights, and rules and regulations among others. One reason why the United States of America government intervenes in the market economy is to ensure that there is free and fair competition. This, it does in various ways the notable one being putting various rules and regulation in the market economy. This is especially done to allow new business establishments entry into the market. Major corporations are known to merge or acquire another business establishment in o rder to ensure that they maintain their control over the market. This makes it hard for small business establishments especially new ones to enter the market thus discouraging entrepreneurship which repels investments. Another reason why there is the need for government intervention in the market economy is to ensure that indigenous companies and business establishments are safeguarded. This is especially the case when it comes to the farming industry where the United States of America government offers help to farmers through subsidies and tax exemptions to farmers in order for them to compete with International Corporation, which has an advantage of the farmers in terms of various factors such as availability of cheap labor. There is the need for government’s intervention in the market economy when it comes to goods and services which are sensitive to nature. For example, the government must control the production, sale, and buying of firearms and ammunition since this is a n issue which is sensitive. Another sector that the government intervenes as a necessity due to sensitivity is the provision of public services such as health, water, education, security, and electricity. There is need of government intervention is such instances due to the fact that these are human needs that when left to the private-sector control they might lead to chaos due to various factors. Finally, yet importantly, the government intervenes in a market economy to ensure that it has access to enough revenue to meet the country's needs. This is usually done through taxation where the government influences the market economy in order to generate its revenue. The rationale for the Intervention of Government in the Market Process in the U.S The need for government intervention in economic markets in the United States of America provides the rationale for the government’s involvement in the market process in the country. Firstly, the fact that government intervention in the market process in the United States of America results in social equity is a major motivator for the government to regulate the business processes in America.  Ã‚  

Project Management - Scheduling, Resources, and Budgeting (U3DB) Essay

Project Management - Scheduling, Resources, and Budgeting (U3DB) - Essay Example For example, when individual activities are assigned relevant human, material or other resources, they are treated independently and concurrency of resource usage is not assumed. It is only when resources are placed alongside activities inside the schedule that their over or under utilization becomes evident. Scheduling alternatives present varying levels of resource usage and optimization. In this phase, over or under-allocated resources can be identified and their usage smoothed out using techniques such as resource levelling (Heldman, 2005, p. 271). Resource scheduling is also important in that it can determine whether the project can be completed within the specified end date in the schedule. The project manager may not have enough resources to finish tasks on the critical path in time despite optimization in allocation. Tradeoffs between costs and time of completing the project have to be taken using techniques such as crashing. Important budgetary and business decisions can be taken including hiring of additional sources, outsourcing or negotiating a reduction in the scope of the project (Richman, 2002, p. 117) . Multi-project resource scheduling requires project management capabilities at a different and a more complex dimension. Lead project managers typically take an enterprise level view of the project rather than at each individual project within it. Project control also takes a new dimension with individual project managers taking larger responsibility for their own domains and coordinating through effective communication with the core group managing the project (Barkley, 2006, p. 62). For example, if 5 aircrafts are being manufactured for a single airline simultaneously in a manufacturing facility, each aircraft unit would be a separate project together forming one larger multi-project for that order. Outsourcing can also take place in various forms. It can be inter-departmental