Concerns of sliding Sri Lanka – Pakistan trade expressed at recent chamber meeting
View(s):The importance of Sri Lanka and Pakistan working together towards resolving impending trade issues between the two nations, immediately, was stressed by Pakistani High Commissioner in Sri Lanka, Maj Gen (R)Syed Shakeel Hussain. Speaking at a meeting of the members of the Sri Lanka – Pakistan Business Council (SLPBC) at the Ceylon Chamber office last week, the High Commissioner said trade has fallen by US$ 100 million in the past year.
He noted that this was not a good development especially in the backdrop of a Free Trade Agreement existing between the two countries. President of the Sri Lanka – Pakistan Business Council (SLPBC) Rohitha Thilakaratne said that the existing potential between the two countries is not certainly tapped.
“Unfortunately as we discussed, the trade agreement that was signed between Sri Lanka and Pakistan is not giving the desired results. Instead of going upward, we are looking at a downward trend. I think that is something that both countries will have to focus immediately and resolve,” said Mr. Thilakaratne in comments of the meeting which were released by the chamber.
He added that numerous violations of the FTA even without consulting the bilateral partner have resulted in a fall in Sri Lankan exports to Pakistan. According to him, long delays in resolving FTA issues are also an issue faced by Sri Lankan exporters to Pakistan.
The recently-appointed Pakistani High Commissioner, responding to questions, said, “I would request this powerful forum SLPBC to work it in two tiers. Firstly, issues relating to the existing FTA and Trade, Secondly, create a strong mechanism with stakeholders to mitigate and resolve issues and to promote investments”.
He recommended setting up a stakeholders committee comprising a cross section of importers/exporters, which should include a representative from the trade desk of both high commissions. Trade between Sri Lanka and Pakistan in 2014 stood at US$ 350 million, down by US$ 100 million compared to 2013. The trade balance stands in favour of Pakistan.