Trade Minister stresses on need to obtain maximum benefits from Pak-SL FTA

Both countries must strive to obtain optimal utilization of the Pakistan-Sri Lanka Free Trade Agreement (FTA), Trade Minister Dr Bandula Gunawardana said during his meeting with Foreign Minister Makhdoom Shah Mahmood Qureshi. 

Minister Gunawardana, who is on an official visit to Pakistan, met with Minister Qureshi at the Pakistan Foreign Ministry premises for bilateral discussions. 

During these discussions, Minister Gunawardana pointed out the need to provide online forums for business communities in the two countries to hold constant bilateral discussions under the free trade agreement. He also stressed that it was important for diplomatic missions to assist the business communities of the two countries, the Trade Ministry stated in a media release. 

He noted that the Pakistan-Sri Lanka FTA is the first FTA that Pakistan had entered into and though 18 years had passed since it was signed, both countries have not done enough to obtain optimal benefits of the agreement. As such, the minister stressed on the current need to make full use of the FTA. 

State Minister for Regional Cooperation Tharaka Balasuriya along with senior officials from the Foreign and Trade Ministries and members of the Pakistani business community also took part in these discussions.

Meanwhile, issuing a press release, the Pakistan High Commission in Colombo said that Foreign Minister Makhdoom Shah Mahmood Qureshi received the Minister of Trade of Sri Lanka, Dr. Bandula Gunawardana and State Minister for Regional Cooperation Tharaka Balasuriya at the Ministry of Foreign Affairs today. Dr. Gunawardana along with an important trade delegation is visiting Pakistan from 20-27 January.

Highlighting the importance of strengthening the existing fraternal relations between the two countries through high-level exchanges, the Foreign Minister underlined the need to capitalize on the immense goodwill that exists between Pakistan and Sri Lanka by expanding cooperation across diverse areas, including trade and investment, tourism,culture, education, defence, agriculture, human resource development, etc.

Recalling the Prime Minister’s visit to Sri Lanka in February 2021, the Foreign Minister said that all efforts must be made to enhance bilateral trade relations through optimal utilization of the Pakistan-Sri Lanka Free Trade Agreement (FTA), particularly by expanding interaction between the business communities on both sides, and joint ventures and investments in high potential sectors.

The Foreign Minister noted that deepening economic cooperation through proactive economic diplomacy was a top priority for the Government in the context of its policy focus on geo-economics.

Reciprocating the sentiments, Dr. Bandula Gunawardana thanked the Government of Pakistan for warm hospitality,and the goodwill towards Sri Lanka at all levels. He appreciated Pakistan’s consistent friendship and support for Sri Lanka and noted that his visit was aimed at further advancing mutually beneficial economic and trade relations. Sri Lanka was keen to expand ties in the whole range of sectors including ICT, pharmaceuticals, minerals, textiles, logistics, shipping, education and tourism.

Both sides also agreed to continue close collaboration in multilateral fora and to strengthen regional cooperation.