{"id":253034,"date":"2023-07-22T19:57:28","date_gmt":"2023-07-22T14:27:28","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=253034"},"modified":"2023-07-22T19:57:28","modified_gmt":"2023-07-22T14:27:28","slug":"ports-to-upi-to-green-energy-india-and-sri-lanka-deepen-economic-ties","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/ports-to-upi-to-green-energy-india-and-sri-lanka-deepen-economic-ties\/","title":{"rendered":"Ports to UPI to green energy, India and Sri Lanka deepen economic ties"},"content":{"rendered":"\n

Source: <\/b>The post is based on the article <\/span>\u201cPorts to UPI to green energy, India and Sri Lanka deepen economic ties\u201d\u00a0 <\/b>published in <\/span>Indian Express on 22nd July 2023.\u00a0<\/b><\/p>\n

What is the News?<\/b><\/h2>\n

The President of Sri Lanka has paid an official visit to India.\u00a0<\/span><\/p>\n

During the visit, <\/span>India and Sri Lanka adopted a \u2018vision document\u2019 for a deeper economic partnership between the two countries.<\/span><\/p>\n

What is the India-Sri Lanka Economic Partnership Vision document?<\/b><\/h2>\n

The vision document has been called <\/span>\u00a0\u2018Promoting Connectivity, Catalysing Prosperity: India-Sri Lanka Economic Partnership Vision\u2019.<\/span><\/p>\n

Aim: <\/b>To strengthen bilateral and economic partnership between India and Sri Lanka.<\/span><\/p>\n

Pillars:<\/b> The document is based on five pillars: maritime connectivity; air connectivity; energy and power connectivity; trade, economic and financial connectivity and people-to-people connectivity.<\/span><\/p>\n

Key Features of these five Pillars:<\/b><\/h2>\n

Maritime connectivity:<\/b> The document outlines cooperation in development of ports and logistics at Colombo, Trincomalee and Kankesanthurai, with an aim to consolidate regional logistics and shipping.<\/span><\/p>\n

\u2013 It also talks of resumption of passenger ferry services between Nagapattinam in India and Kankesanthurai in Sri Lanka besides working towards early resumption of ferry services between Rameswaram and Talaimannar.<\/span><\/p>\n

Air connectivity<\/b>: <\/span>Currently, there is a single flight a day between Chennai and the northern Lankan city of Jaffna.\u00a0<\/span><\/p>\n

\u2013 The two countries agreed to expand this flight to Colombo as well as explore connectivity between Chennai and Trincomalee, Batticaloa and other destinations in Sri Lanka.<\/span><\/p>\n

Energy and power connectivity: <\/b>The two countries have plans to <\/span>establish a high-capacity power grid interconnection. <\/b>This is to enable bidirectional electricity trade between Sri Lanka <\/span>and other regional countries, including those of the BBIN (Bangladesh, Bhutan, India, Nepal) initiative.<\/span><\/p>\n

\u2013 The document also talks of expediting implementation of understanding reached on the <\/span>Sampur Solar power project <\/b>and LNG infrastructure and exploring <\/span>cooperation in Green Hydrogen and Green Ammonia.<\/b><\/p>\n

\u2013 The two countries will also be working on a <\/span>multi-product petroleum pipeline from India\u2019s South to Sri Lanka.<\/b><\/p>\n

\u2013 They will also undertake a mutually agreed <\/span>joint exploration and production of hydrocarbons in Sri Lanka\u2019s offshore basins<\/b> to develop Sri Lanka\u2019s upstream petroleum sector.<\/span><\/p>\n

Trade, economic and financial connectivity: <\/b>The two sides will undertake discussions on the <\/span>Economic and Technology Cooperation Agreement<\/b> with an aim to comprehensively enhance bilateral trade and investments in new and priority areas.<\/span><\/p>\n

\u2013 They have decided to <\/span>designate Indian Rupee as currency for trade settlements <\/b>between the two countries.<\/span><\/p>\n

\u2013 Both sides also agreed to <\/span>operationalise UPI-based digital payments<\/b> for further enhancing trade and transactions between businesses and common people.<\/span><\/p>\n

People-to-people connectivity: <\/b>The two countries have planned to promote awareness and popularize India\u2019s Buddhist circuit, and Ramayana trail as well as ancient places of Buddhist, Hindu and other religious worship in Sri Lanka for enhancing tourism.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Source: The post is based on the article \u201cPorts to UPI to green energy, India and Sri Lanka deepen economic ties\u201d\u00a0 published in Indian Express on 22nd July 2023.\u00a0 What is the News? The President of Sri Lanka has paid an official visit to India.\u00a0 During the visit, India and Sri Lanka adopted a \u2018vision… Continue reading Ports to UPI to green energy, India and Sri Lanka deepen economic ties<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,164,9],"tags":[10500],"class_list":["post-253034","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-international-relations-daily-factly-articles","category-public","tag-indian-express","entry"],"jetpack_featured_media_url":"","views":{"total":2,"cached_at":"","cached_date":1698341919},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/253034","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=253034"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/253034\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=253034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=253034"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=253034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}