Lanka - Bangladesh, key agreements soon

by Nilma DOLE

Sri Lanka is tipped to sign key agreements with Bangladesh soon as there is peace in the island. "A business delegation from Bangladesh reported immense trade potential after their recent visit to Sri Lanka and we hope to set a volatile environment for growth as our ties are strengthened," said Sri Lanka's High Commissioner to Bangladesh Sarath Weragoda.

Important agreements such as the Agreement on Avoidance of Double Taxation, the Joint Committee for Economic Cooperation and the Bilateral Air Services Agreement are due to be signed soon.

Agreements such as the Shipping Agreement (1977), Agreement on Economic and Technical Cooperation(1979) and the Agreement on Waiver of Visa (May 1983) have already been signed with positive results.

"Sri Lanka-Bangladesh ties were at a standstill during the conflict but now that peace has dawned, Bangladesh is keen to support Sri Lanka in terms of trade and business development," said the High Commissioner.

Diplomatic relations were established in 1972 and the Sri Lanka High Commission in Dhaka was set up in 1979.

Sri Lanka's exports have risen from US$18.8 million in 2007 to US$25.9 million last year.

"This is a substantial growth despite it being a small number but we hope to make it more in time to come," said Weragoda.

The trade policy of Sri Lanka is to continue the process further and aims at integrating Sri Lanka with the global economy within the positive attitude of a free market economy.