Buoyed by JEC and Expo ‘12, Bangladesh pushes for more trade with Sri Lanka

The current $46 million bilateral trade between Sri Lanka and Bangladesh will improve further after two important events-the recently concluded Sri Lanka-Bangladesh Joint Economic Commission talks and the Expo 2012. “We are pleased to see so many products from diverse sectors in this Expo. We believe we can order more from Sri Lanka,” said a satisfied visiting Bangladesh Minister for Industries Dilip Barua on 30 March in Colombo.

Minister Barua was expressing his satisfaction on Expo 2012 during a courtesy call on Minister of Industry and Commerce Rishad Bathiudeen on 30 March in Colombo. Minister Barua was one of the South Asian regional Ministerial invitees visiting Expo 2012, the mega export show that successfully concluded in Colombo after four days of continuous international B2B activities and expositions, on 31 March.

 “The current $46 million bilateral trade between both countries show considerable unrealised trade potential between us. By a synergised approach to international markets, we can gain more and maximise the 2011 MOU between Sri Lanka and Bangladesh witnessed by President Mahinda Rajapaksa and Prime Minister of Bangladesh Sheikh Hasina,” Minister Bathiudeen responded.

According to the Department of Commerce, though the two-way trade between Sri Lanka and Bangladesh has been at moderate and stable level, some improvements have been recorded during last four to five. Sri Lanka’s exports to Bangladesh has increased by around 380% during the period 2001-2010 while imports from Bangladesh also has recorded a six-fold increase in 2010 compared to 2001. Sri Lanka’s major exports to Bangladesh are dyed woven fabric of cotton, articles of plastics, narrow woven fabric with rubber thread, enzymes, coral and similar materials, and petroleum oils and oils obtained from bituminous minerals. There is potential for further enhancement of trade volume between two countries by exploring market potentials available for new products which could be utilised through tariff preferences granted under SAPTA, SAFTA and APTA supplemented with the vigorous marketing/trade promotional campaigns.

Both Ministers agreed that while the 7 March JEC was a success, there is much moderate bilateral trade shows considerable unrealised trade potential between the countries.

Minister Bathiudeen, in his opening remarks on 7 March said the Sri Lanka -Bangladesh JEC is the most appropriate mechanism to implement the 2011 MOU between Sri Lanka and Bangladesh adding, “Bilateral cooperation between the historic friends may also open doors of international opportunities.”