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| Sunday, 4 August 2002 |
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Pakistan, Sri Lanka cement trade ties The Framework Treaty on the Free Trade Agreement (FTA) between Pakistan and Sri Lanka was signed by Federal Minister for Commerce of Pakistan Abdul Razak Dawood and Minister of Commerce and Consumer Affairs Ravi Karunanayake in the Presence of Pakistan President General Pervez Musharraf and Sri Lankan Prime Minister Ranil Wickremesinghe on August 1 at Temple Trees.
During General Musharraf's visit, a Memorandum of Understanding on Cooperation in Tourism and Archaeology and a Bilateral Cultural Exchange Programme 2002-2006 was also signed. The objectives of the FTA are promoting economic relations through expansions in trade of goods and services, providing fair conditions of competition and removing barriers to develop and expand bilateral as well as world trade. According to the framework agreement, Pakistan and Sri Lanka will eliminate tariff and non-tariff barriers and enable the establishment of a free trade area. The two countries will not increase existing para-tariffs or introduce new or additional para-tariffs without the consent of each other. A ministerial joint committee will be established to review the progress of implementation and to ensure that the benefits of trade expansion due to the FTA are reaped equally by both countries. Initially the committee will meet within six months of the agreement coming into force and thereafter, at least once a year. The committee will set up any other subcommittee or working group for specific purposes. A working group on customs related issues will be established to facilitate cooperation in this area. This group will meet as often as required and report to the joint committee. The annexures A, B and C will be finalised within 90 days of signing the agreement. Annexure A contains the 'no concessions' list and tariff preferences to be given by Pakistan, Annex B, the 'no concessions' list and tariff preferences to be given by Sri Lanka and Annex C, the Rules of Origin under the agreement. Under the agreement, both countries are free to apply domestic legislation to restrict imports if prices are influenced by unfair trade practices. The agreement will come into force on the 30th day after both countries have notified each other through diplomatic channels that their constitutional requirements and procedures have been completed. The agreement can be terminated by giving six months written notice. |
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