Envoy calls for maximisation of FTA between Pakistan and Sri Lanka

Thursday, 20 November 2014 00:28 - - {{hitsCtrl.values.hits}}

Lahore: Sri Lankan High Commissioner to Pakistan Air Chief Marshal (Retd.) Jayalath Weerakkody has called for full exploitation of the Free Trade Agreement (FTA) between Pakistan and Sri Lanka. In a discussion with the Lahore Chamber of Commerce and Industry (LCCI) President Ijaz A Mumtaz in Lahore on Tuesday the Sri Lankan envoy has said that there is a vast scope for the expansion of bilateral trade between the two countries in the presence of the FTA and this can further strengthen their multifaceted and multi-sectoral cooperation in the fields of education, culture, commerce and trade, science and technology, and tourism. He said that both Pakistan and Sri Lanka are lucrative investment locations for exporters, as Pakistan is a gateway to resource-rich Central Asian States, while Sri Lanka enjoys duty-free access to huge European and Indian markets. Establishment of air links between Lahore and Colombo were a good sign for the economies of the two countries, the envoy noted. LCCI President said that Pakistan and Sri Lanka are members of SAARC and enjoy friendly relations based on historical linkages. He said that both the countries have common views on world issues and are committed to preserve regional peace and security. He said that both the countries are steady trading partners. They have signed the FTA in June 2005, which has provided the importers and exporters on both sides with greater opportunities to take the trade and economic relations to the next level. Despite having good trade and economic relations and a FTA since 2005, the bilateral trade figures are not up to the full potential and the Pakistan’s imports from Sri Lanka remain well below $100 million. “We would certainly like to expand bilateral trade between the two countries through utilising the untapped areas, which are also supported under FTA,” the LCCI President said.

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