Sunday Dec 15, 2024
Sunday Dec 15, 2024
Wednesday, 1 March 2023 00:54 - - {{hitsCtrl.values.hits}}
The Government has decided to expedite the finalisation of proposed Preferential Trade Agreement (PTA) under the guidance of the International Trade Office.
The proposal to this effect submitted by President Ranil Wickremesinghe was approved by the Cabinet of Ministers at its meeting on Monday
“Although trade between Sri Lanka and Bangladesh was low despite special provisions under accords the Government is confident that the PTA would be a catalyst to enhance commerce volume,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing yesterday.
Once finalised, Bangladesh will be the third South Asian country with which Sri Lanka has a free or preferential trade arrangement after India and Pakistan. Both FTAs have helped to enhance bilateral trade.
It is expected to strengthen relationships with key trade stakeholders at the regional level to develop market access opportunities for Sri Lankan exporters by removing market trade barriers and to achieve the objectives of attracting investment as well as to further enhance economic cooperation as a remedy for the existing problems related to domestic supply.
On 14 June 2021, the Cabinet of Ministers approved the decision to commence discussions towards finalising a PTA with Bangladesh, following the two countries agreeing to strengthen their economic relationship via a free trade pact during Prime Minister Mahinda Rajapaksa’s State visit to Dhaka in March 2021.
Both Sri Lanka and Bangladesh act as stakeholder member countries of the SAARC Preferential Trading Arrangement (SAPTA), South Asian Free Trade Area (SAFTA), Global System of trade Preference (GSTP), Asia-Pacific Trade Agreement (APTA) and Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC).
