India and Sri Lanka are ready to sign a defence cooperation pact during Prime Minister Narendra Modi’s visit to Colombo next week, in a major move that comes nearly four decades following the IPKF’s intervention in the island nation.
The two sides are likely to firm up a currency swap framework and seal several other agreements including one on debt restructuring following talks between Modi and Sri Lankan President Anura Kumara Disanayaka on April 5, people familiar with the matter said.
An arrangement to develop the Trincomalee oil firms jointly by India, Sri Lanka and the United Arab Emirates is also being finalized, they said.
In the second and final leg of his two-nation tour PM Modi will arrive in Sri Lanka on the evening of April 4 on a three-day trip after concluding his visit to Thailand.
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