B'desh and Lanka to increase bilateral trade
The latest round of Sri Lanka-Bangladesh Joint Commission on Economic
and Technical Co-operation (JTandEC) were concluded in Dhaka,
Bangladesh. “Both countries agreed to hold JEC sessions once every two
years in future” Minister Bathiudeen said.
“The next Sri Lanka –Bangladesh JEC will be held in Colombo in 2014”
“We also discussed ways to boost bilateral trade volumes further.
Our trade has increased by 150 percent from 2001. However, it still
has huge potential to grow”,said the Minister.
Sri Lanka’s exports to Bangladesh has increased by 150 percent from
2006-2011 but Sri Lanka believes that there’s untapped potential in
bilateral trade. Under the Sri Lanka – Bangladesh Joint Committee for
Economic and Technical Cooperation, the two countries have already
agreed to boost cooperation in small and cottage industries, air
services, tourism, shipping, and cultural aspects.
The Sri Lanka-Bangladesh Joint Commission (JEC) is the most
appropriate mechanism to implement the 2011 MoUs between Sri Lanka and
Bangladesh.Among the cooperation avenues is the air-services, Mihin
Lanka operates air services from Colombo to Dhaka but the Department of
Commerce under the Ministry of Industry and Commerce believes that it
would be appropriate if the existing Air Services Agreement is revisited
to make it more responsive to current needs, including the facilitation
of transport of air cargo.
“Last year President Mahinda Rajapaksa, and Prime Minister of
Bangladesh Sheikh Hasina, agreed that the JEandTC should be revived”
said, Industry and Commerce Minister, Rishad Bathiudeen. The fourth
session was concluded while the previous JEC, the third session, was
held in 1993.
During the visit of President Mahinda Rajapaksa, to Dhaka in April
2011, both countries recognised that the Bangladesh Sri-Lanka Joint
Economic Commission as an effective mechanism to further enhance
bilateral cooperation between the two countries and agreed that the
fourth session of the Joint Economic Commission should be held ‘as soon
as possible.’ Both sides agreed that bilateral trade between Bangladesh
and Sri Lanka, though showing positive trends, was far below potential
and did not reflect the cordial political relations. It was agreed that
the two countries would undertake measures for trade facilitation
including identification and removal of non-tariff barriers and
simplification and harmonisation of mutually recognised standards.
- SG
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