Sri Lankan Ambassador to China Dr. Karunasena Kodituwakku said the country needed a longer-time period to negotiate a free trade agreement with China as it is concerned about the economic impact of a rushed deal on their small country.

Speaking on the sidelines of an independence day reception at the Sri Lankan embassy in Beijing, ambassador Kodituwakku, a former Cabinet minister, said a free trade agreement with China could not be rushed.

"We'd like to have the process a little longer. China would like to have it faster," Kodituwakku told Reuters. "Because Sri Lanka being a small economy, we have to get a consensus from stakeholders," he added. "Therefore, the delay is due to the time period. But eventually we will sign the agreement."

Sri Lanka last month signed a free trade agreement with Singapore, but Singapore's economy is not as complex as China's, Kodituwakku said. "Chinese imports are very important to Sri Lanka, but opening up the whole thing in a short time may make some problems for local companies. Therefore we have to balance it."

"We have to turn it into a viable economic venture. In fact we gave the option to Chinese companies. I know Chinese companies have shown an interest, but according to our studies they were not having a viable economic plan and that's why they had to give the option to India," he added. (With inputs from the Telegraph India)