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Sri Lanka's leading Tea brokers, Forbes and Walker Ltd will launch online tea auctions along with its Indian partner 'Tea Auctions.com'. The BOI approved joint venture www.forbesteauction.com is scheduled to commence operations next Friday in accordance with guidelines set by the Sri Lanka Tea Board (SLTB). Forbes and Walker in a statement on its joint venture with B2B portal pioneer Teauction.com said this was another major step taken by Sri Lanka keeping pace with the e-commerce revolution. Private offers would be hosted while all buyers and sellers at the Colombo Tea auction would be eligible to be registered with the site. Ketan Desai, Head of Marketing for Calcutta based Teauctions.com said that a prototype of a dedicated banking system is being developed to enhance Business to Business transactions. This would eliminate certain limitations on Internet based transactions he said. Sri Lanka is the world's largest Tea exporter with a market of over 55 million dollars. The total volume of tea exports from Sri Lanka stood at 288 million kilograms in 2000 with Middle Eastern nations being the major buyers.
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