The report states that although the Attorney General had adviced the relevant parties to take measures to seek the advice of the Central Bank and other ministries prior to signing the agreement, appropriate measures had not been taken.
The report also states that although Cabinet approval was obtained prior to the signing of the agreement, after the agreement was signed Cabinet approval had not been obtained, which is a fault. The commission had also recommended that Sri Lanka should aim for multilateral trade agreements rather than bilateral agreements as a policy.
The report also suggests that prior to implementing these recommendations, the agreement should be subjected to a complete review. The Chairman of the committee appointed by the President to investigate the agreement is former Colombo University Vice Chancellor Prof. W.D. Lakshman.
The rest of the committee comprised Prof. Sirimewan Kolambage, Prof. Ajitha Tennakoon, Dr. Jayanatha Jayasekara and former Deputy Central Bank Governor R.A. Jayatissa.