India–Sri Lanka Trade Diplomacy Summit Sparks Renewed Push for Economic Cooperation Under ISFTA Framework
The India–Sri Lanka Trade Diplomacy Summit, co-hosted by the World Trade Center (WTC) Mumbai and the All India Association of Industries (AIAI) in partnership with the Consulate General of Sri Lanka, convened top diplomats, senior government officials, and business leaders at Centrum, WTC Mumbai. Conducted in a hybrid format, the summit focused on strengthening bilateral trade ties and investment potential under the India–Sri Lanka Free Trade Agreement (ISFTA).
The program began with the national anthems of both nations, followed by a diya-lighting ceremony accompanied by soothing flute music. A gesture of mutual respect was observed through the exchange of felicitation between Dr Vijay Kalantri, Chairman of WTC Mumbai & President of AIAI, and Ms. Shirani Ariyarathne, Acting Consul General of Sri Lanka.
A $5 Billion Trade Relationship Poised to Double
In his keynote address, Dr Vijay Kalantri emphasized the significance of the current $5 billion bilateral trade volume, stressing the potential to double it through collaborative efforts.
“We must strengthen trade cooperation through regional platforms like SAARC, APTA, ISFTA, and SAFTA, which can significantly enhance economic engagement between both nations,” he asserted.
Ms. Shirani Ariyarathne highlighted the strategic importance of ISFTA and its potential to accelerate regional economic integration.
“India is Sri Lanka’s largest source of imports. Through ISFTA, we can balance this by leveraging our distinctive products — from Ceylon cinnamon and cloves to Batik, handlooms, tea, jewelry, and electronics,” she said. She also pointed to Sri Lanka’s GSP+ status under the EU framework as a gateway for Indian exporters to reach European markets.
Sri Lanka’s Diversification into Emerging Sectors
Mr. Mangala Wijesinghe, Chairman of the Sri Lanka Export Development Board (EDB), discussed the country’s evolving export diversification into high-growth sectors like ICT, electronics, processed food, and renewable energy.
“India is our second-largest export destination. We are building momentum through programs such as Voice Sri Lanka, the Sea Trade Hub, and major trade events like Anuga and Codex Saudi,” he explained.
He also announced a Sri Lankan business delegation would travel to Mumbai for the Design Mumbai Expo in November 2025 and invited Indian stakeholders to the Sri Lanka Expo 2026, returning after 13 years with over 1,500 international buyers expected.
“We are targeting annual export growth of over 10%,” he added.
Boosting Bilateral Tourism and Aviation
Mr. Buddhika Hewawasam, Chairman of the Sri Lanka Tourism Development Authority, announced a Travel Fair from July 31 to August 2, designed to promote tourism and cultural exchange.
“India remains our top tourism source market, showing more than 10% growth over last year. With enhanced flight connectivity, Sri Lanka is reinforcing its outreach,” he said.
The tourism strategy also includes sustainable tourism development and digital transformation, aiming for 3 million arrivals in the near future.
Future Business and Tech Engagements
Ms. Priya Pansare revealed that WTC Mumbai and AIAI will lead a delegation to Sri Lanka to participate in Industry 2025 Expo, from 18–21 September 2025 at the Bandaranaike Memorial International Conference Hall (BMICH), Colombo. The event is backed by the Ministry of Industry and Entrepreneurship Development and the Industrial Development Board (IDB), with 400+ exhibitors expected.
Mr. Sachindra Samarasundara, Associate Chief Digital Economy Officer at the ICT Agency of Sri Lanka, spotlighted Disrupt Asia 2025, the country’s flagship tech and innovation summit.
“This year will feature a venture competition, an innovation festival, and the launch of a $50 million fund of funds. Startups from IIT Madras will also participate,” he said.
Advocating for Better Air Connectivity
Mr. Suman Udayakumaran, Manager – Western India at Sri Lankan Airlines Ltd., addressed the strategic geographic advantage of Sri Lanka in regional air travel. “India is the third-largest aviation market in the world. Sri Lanka has catered to its air travel demands for years. Given our proximity, why should flights be time-consuming?” he asked, calling for improved aviation connectivity between the nations.
A Shared Vision for Indo-Pacific Growth
The summit concluded with a renewed commitment from both nations to advance trade, technology, tourism, and digital innovation. Underpinned by ISFTA, this collaboration aims to foster regional connectivity and inclusive economic growth across the Indo-Pacific region.
