Pakistan and Sri Lanka have agreed to further liberalise the bilateral trade and also addressed several implementing issues relating to trade between the two sides, an official statement said on Friday.
The two sides noted the friendly ties and the growing commercial relations between Pakistan and Sri Lanka.
They also acknowledged that the Pakistan-Sri Lanka free trade agreement, which came into force in mid-2005, has helped the two nations enhance their bilateral trade from $147 million in 2004 to $342 million by 2010, representing a substantial increase of 133 percent, the statement said.
The fourth technical level meeting on Pakistan Sri Lanka free trade agreement and related matters was held in Colombo from August 17-18, 2011.
Zafar Mahmood, Secretary, Ministry of Commerce, Pakistan and Tilak Collure, Secretary, Ministry of Industry and Commerce, Sri Lanka, led the Pakistani and Sri Lankan delegations, respectively at the discussions.
Sri Lanka would allocate importation of the entire basmati rice quota of 6000 metric tons agreed under the free trade agreement in 2005 to the private sector from 2012, while Pakistan would restore the same level of competitiveness as agreed before for Sri Lankan betel leaves by adjusting the current margin of preference, it said.
It also said that Pakistan would consider granting concessionary market access for electrical items such as electrical switches and bottle cooling machines and it confirmed to remove crude coconut oil from their “No concession list” as agreed earlier.
Sri Lanka would consider categorising onyx products imported from Pakistan as handicrafts and would continue its discussion with Pakistan for the purpose of pursuing its export interests in automotive rubber products sector, it added.
Sri Lanka Export Development Board and the Trade Development Authority of Pakistan would consider signing an agreement for closed collaboration and promotion of trade and business visitors to exhibitions to be held in Sri Lanka and Pakistan in 2012, it said.
The statement said that Sri Lanka would look into the complaints of difficulties encountered by Pakistani exporters of cement and take appropriate action in consultation with the relevant authorities in Sri Lanka.- The News