Sri Lanka, Pakistan discuss ways to boost bilateral trade
Saturday, 7 February 2015 00:00
-
- {{hitsCtrl.values.hits}}
As bilateral trade surged three times driven by the landmark Trade Agreement, Sri Lanka’s second largest buyer in SAARC promised a determined push towards the crucial next step-no less than one billion dollars in trade.
“There is great upward trade potential that we can jointly explore beyond the current $460 m volume and therefore it is time to take steps to move towards $1 b in bilateral tradeas our next trade goal. Sri Lanka was the first country with whom Pakistan signed an FTA. This shows the importance Pakistan attaches to Sri Lanka in its regional policyand our confidence in the viability of the country’s economy,” said High Commissioner of Pakistan in Sri Lankatwo-star Major General (r) Qassim Qureshi recently.
Qureshi was addressing Minister of Industry and Commerce Rishad Bathiudeen at the Ministry of Industry and Commerce in Colombo. Also present were Department of Commerce DGR.D.S. Kumararatne, other Ministry officials and Pakistan High Commission in Colombo First Secretary (P) HasanZaigham.
“Let me congratulate you for assumption of office as the Minister of Industry and Commerce again, with even bigger responsibility, which will serve the country’s international trade efforts well,” said Qureshi and added: “Sri Lanka’s new Government under the leadership of President Maithripala Sirisena has brought fresh hopes to the country and its trade efforts.”
The Pakistan-Sri Lanka Free Trade Agreement (PSFTA) came into force in June 2005. Since then, the total trade between the two countries has tripled from $158 m (2005) to $462 m in 2013. Followed by India, Pakistan ranks as the second largest buyer of Sri Lanka in the SAARC region, accounting for 10% of Sri Lanka’s total exports to the region. Sri Lanka’s exports to Pakistan reached highest (at $ 83.05 m) in 2013.
“Bilateral trade expanded and relations with Sri Lanka and Pakistan have been strengthened at multiple levels during your term in Sri Lanka and I wish to strongly commend yourself for the taking the relations to a new level,” said Bathiudeen, responding to Qureshi.
He added: “I have no doubts that forthcoming Joint Economic Session between the two countries too will be a successful effort since export promotion is also HE the President Maithripala Sirisena’s aim. On behalf of our new Government and people, I specially thank the Government of Pakistan for the 220 strong housing scheme awarded for our Muslim IDP families of Mannar District last October, at a value of $ 1 million.”
The Joint Economic Commission was established between the two countries in 1974 and the 11th Session was held in Colombo in November 2013.
Qureshi said: “I invite a strong Lankan delegation of companies here to participate in the forthcoming eighth Edition of Expo Pakistan to be held in Karachi from 26 February and 1 March. Six Lankan firms took part in 2014’s Expo Pakistan. I also stress that Pakistan’s sugar industry is keen to invest in Sri Lanka’s sugar manufacturing sector.”
Bathiudeen noted: “Participation in trade fairs and exhibitions provides an excellent opportunity to cement existing commercial ties and more importantly, to open new trade streams, enhancing exports. The Export Development Board (EDB) would start work to arrange a delegation of 10-15 reputable Sri Lankan companies to participate in Expo Pakistan 2015. We also believe there is strong cooperation potential in automotive sector between us.”
Qureshi and Bathiudeen also discussed of aspects of Pakistan’s development cooperation with Sri Lanka and its interest to extend additional housing support to the country.
