Lanka-China trade up 306 percent
The forthcoming China-Sri Lanka FTA is the biggest development in
Sino-Lanka Cooperation since the 1952 Rubber-Rice Pact. China is keen to
see the groundwork on this FTA completed by December this year.
 “My mission is to start the China-Sri Lanka FTA process. The
forthcoming FTA is the biggest development in China-Sri Lanka bilateral
cooperation since the historic 1952 rubber-rice pact between the two
countries. We expect the preparatory process of the FTA to be completed
by December this year. Then we can go to the next stage in 2014,” said
the Deputy International Trade Representative of the Commerce Ministry
of China, Yu Jianhua when he met Industry and Commerce Minister Rishad
Bathiudeen.
Industry and Commerce Ministry, Secretary, Anura Siriwardena and
officials of the Commerce Department were present.
Jianhua’s portfolio covers the Chinese Department of International
Trade and Economic Affairs, the Department of WTO Affairs (China WTO
Notification and Inquiry Centre), the Department of Asian Affairs, China
International Centre for Economic and Technical Exchanges, China
Association of International Trade, and China Society for World Trade
Organisation Studies.
According to the Commerce Department trade between Sri Lanka and
China which stood at US $ 658.94 million in 2005 had increased by 306%
to $ 2676.13 million by 2012. In the corresponding period, exports to
China increased by 286% to $108 million. This is an achievement
considering the fact that of the 50 Asian countries only eight,
including Sri Lanka, maintained a positive export growth to China since
2008. The latest statistics show that China is among the first 25 export
destinations for Sri Lankan products. “Sri Lanka is a priority country
for MOFCOM (Ministry of Commerce, China). The FTA will not only upgrade
trade levels between Sri Lanka and China but will also enhance trade
skills of both countries as well. We will work diligently in our joint
efforts,” Jianhua said. “Before coming to Sri Lanka I carefully looked
at our trade links with Sri Lanka in aspects such as tariffs, market
access in China, diversifying of Sri Lanka’s exports, and overall
enhancement of Sri Lanka’s export potential to China,” he said.
“The FTA is not only for trade but something beyond, to
institutionalise our strategic cooperation partnership as mandated by
the leaders of both countries. We encourage Chinese firms to become
involved in Sri Lanka’s economic development,” Jianhua said. |
