Lanka-Belarus Joint Economic Commission proposed

As Sri Lanka's trade with the Eurasian market, Belarus, the gateway to the 170 million-strong Customs Union, reached US $ 14 million, Belarus looks forward to renew trade and business ties with Sri Lanka.“With your assistance, we want to prepare fruitful projects with Sri Lanka. We propose to hold a Joint Economic Commission (JEC) with Sri Lanka in Colombo in July and organise a Belarus business delegation to Colombo,” said Vitaly Prima (the New Delhi based Ambassador of Belarus to Sri Lanka) when he met Industry and Commerce Minister Rishad Bathiudeen at the Ministry last week.

Director-General of Commerce, R D S Kumararatne, Director General, EDB, Sujatha Weerakoone, officials of Department of Commerce and EDB and representatives of Belarus Consul in Sri Lanka were also present.

Belarus has an industry-driven economy with a GDP equal to that of Sri Lanka. For Sri Lanka, Belarus remains a virgin market. The first high level Belarus team to arrive in Sri Lanka in recent times, met Minister Bathiudeen and his officials in Colombo in August 2013.

According to Commerce Department sources, bilateral trade between both countries which stood at the US$ 7 million level in 2010, has more than doubled to US $ 14.2 million in 2013. About 90% of Sri Lanka's exports have been tea. Other export items are pneumatic tyres, packaging materials and food preparations.

Fertiliser (potassium chloride) has been the major item imported from Belarus contributing to more than 95% of total imports from Belarus in 2013.

Belarus is the world's third largest potash supplier after Canada and Brazil and one of the key dairy economies in the world, well-known for its cheese. The Russia-Kazakstan-Belarus Customs Union is reportedly keen on expansion, with new regional members.

Ambassador Prima said, “We believe the proposed JEC could be wide-ranging – involving trade, investment, education, agriculture and even science and technology. Closer ties with our country could open the 170-million strong Eurasian market of Russia-Kazakstan-Belarus Customs Union for Sri Lanka.”

“We are also looking for more apparel and leather imports from Sri Lanka since our apparel production levels are low. We are also looking for upper-shoe patterns and parts in large volumes for shoe manufacturers,” he said.

“We continue to buy Sri Lanka-made solid rubber tyres. We also like your fish and are keen on larger imports of Sri Lankan seafood,” Prima said.

Minister Bathiudeen said, “Lanka-Belarus cooperation has strengthened in recent times. In this background, we welcome your proposals for a Joint Economic Commission and I suggest B2B visits to launch business and investment cooperation. With the concurrence of other line Ministries, July is a good time to start.”