Pakistan calls for fast tracking trade ties with Lanka
As bilateral trade crossed the $350 million mark in 2014, Sri Lanka's
second largest trading partner in SAARC, Pakistan, has revealed that it
is fast-tracking work on the $1 billion annual bilateral trade with new
vigour - and to this end, also aims at wrapping up the next Joint
Economic Commission (JEC) session in Islamabad at the earliest.
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Industry and Commerce Minister Rishad Bathiudeen (centre)
greets Pakistani High Commissioner to Sri Lanka, Maj Gen (Rtd.)
Syed Shakeel Hussain. DG, Department of Commerce, R.D.S.
Kumararatne looks on. |
"We want to expedite the next Joint Economic Commission to be held in
Islamabad. Our new Commerce Minister Eng. Khurram Dastgir Khan is ready
to come to Colombo to continue on the new trade initiatives as agreed at
higher levels in April in Islamabad," Pakistani High Commissioner to Sri
Lanka, Maj Gen (Rtd.) Syed Shakeel Hussain told Industry and Commerce
Minister Rishad Bathiudeen when he paid a courtesy call on him at the
Ministry in Colombo 3.
Pakistan is Sri Lanka's second largest trading partner in the SAARC
region after India. Trade between the two countries jumped from $158
million in 2005 to $ 354 million in 2014. The Balance of Trade has
always been in favour of Pakistan.
The Pakistan-Lanka Free Trade Agreement came into force in June 2005.
Sri Lanka's leading exports to Pakistan in 2014 were pepper ($15 mn),
vegetable products and betel leaves ($12 mn), natural rubber ($12 mn),
and coconut products ($10 mn).
"Our bilateral relations go back to 1948, and we are grateful to Sri
Lanka for the support extended to us in 1971," said High Commissioner
Hussain.
"Our historic relations and friendship go deep down and are at the
strongest levels but when it comes to trade, more work is needed.
Despite the FTA being active since 1974, we have not done much trade as
we really could," he said.
"When I embarked on taking up the Lankan posting, our Prime Minister
told me that trade would be my sole focus. We also believe that cement,
sugarcane and pharmaceuticals are key avenues of investment cooperation.
We must integrate businesses and entrepreneurs on both sides to expand
bilateral trade," the High Commissioner said.
"During President Maithripala Sirisena's visit to Islamabad in April,
apart from the six MoUs that were signed, discussions were held on sugar
and cement production, direct flights and increasing bilateral trade to
$ 1 bn," said Minister Bathiudeen.
"We are now working towards this goal. We appreciate your suggestions
on increased B2B and entrepreneur exchanges to realise $1bn in trade,"
he said. |
