Lanka and Bangladesh mull FTA
Sri Lanka and Bangladesh have begun exploring the possibility of a
Free Trade Agreement as bilateral trade increased to 67%,
It would be the first FTA for Bangladesh and for Sri Lanka, it will
be a single entry-point for a huge regional economic corridor.
"There are so many sectors where both countries have their own
comparative advantages. I hope that this Free Trade Agreement will help
strengthen ties between the two countries," Additional Secretary, FTA,
Ministry of Commerce of Bangladesh Manoj Kumar Roy told the second
Bangladesh-Sri Lanka Joint Working Group meeting on Trade that was held
in Colombo last week.
The first meeting of the Bangladesh-Sri Lanka Joint Working Group (JWG)
on Trade was held in Dhaka in February 2014. The Bangladeshi Additional
Secretary Kumar Roy was accompanied by a five-member delegation for the
two-day talks.
The Bangladeshi team was joined by Acting High Commissioner of
Bangladesh in Colombo, F.M. Borhan Uddin. Both nations, have always
stood by each other in difficult times. Besides, we do have a vast range
of complementarities, which can be harnessed.
The Sri Lankan team was led by Industry and Commerce Ministry
Secretary Anura Siriwardena. The others were DG, Department of Commerce,
R. D. S. Kumararatne and officials, representatives from the Sri Lanka
Standards Institution, Ministry of Economic Development and Tourist
Board, Department of Trade and Investment Policy, Department of Customs,
and the EDB.
"Bangladesh and Sri Lanka are related in so many ways. Trade is an
important sector in Bangladesh-Sri Lanka relations and these two
countries can integrate for mutual benefits. The symbiosis in providing
goods and services benefits both countries, Roy said.
"Both countries are members of WTO, part of the multilateral trading
system, in SAPTA, APTA and BIMSTEC," he said.
"Our government places much importance on bilateral relations between
Bangladesh and Sri Lanka. The trade volume between both countries is not
high, but considering the potential, I hope that if we can work through
the FTA, and then it will surge to $ 1 billion," the Bangladeshi
Additional Secretary said.
"What is important is not separate export or import values but the
total trade volume. Both the government and the businesses have the
responsibility to provide quality goods and services at competitive
prices to its citizens," he said.
"There are so many sectors where both countries have their own
comparative advantages - in some Sri Lanka is strong, in some others,
Bangladesh is strong.
The comparative advantages could be made fruitful by signing the Free
Trade Agreement. Trade is now the melting pot of the world, bringing
citizens much closer, and even other ties are now basically dependent on
trade," Roy said.
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