Sri Lanka’s second largest trade partner in South Asian Association for Regional Cooperation (SAARC) has proposed for a new, turnaround level trade between the two countries on July 19.
“We have an opportunity here-let us walk the talk” said Pakistani Minister for Commerce Engr. Khurram Dastgir Khan in Nairobi during bilateral discussions with Sri Lankan Minister of Industry and Commerce Rishad Bathiudeen on the side-lines of 14th Session of the UN Conference on Trade and Development (UNCTAD 14) in Nairobi, Kenya.
Total trade between the two countries increased YoY by 16% to US $370.38 Mn in 2015 from 2014’s $353 Mn, retaining Pakistan’s position as the second largest SAARC trade partner of Sri Lanka, according to the Department of Commerce of Sri Lanka.
Sri Lanka’s main exports to Pakistan in 2015 were tea, betel leaves, coconuts, wood and pepper. Among key imports from Pakistan are cotton, portland cement, medicaments, iron & steel, and beverages including vinegar.
“We believe we can start our new rounds with a Mutual Recognition Agreement. We have an opportunity here-Let us walk the talk! The Pakistan single country exhibition held in Colombo was a great success and generated new trade interest among Pakistani businesses. We also invite stronger Lankan trade and business delegations to Pakistan so that we can start at B2B levels” said Minister Khan.
Responding to Minister Khan, Minister Bathiudeen welcomed the trade expansion offer and assured Minister Khan that Sri Lanka is working to send a strong trade and B2B delegation to Pakistan in the near future.
“A significant improvement in our bilateral trade has been recorded since the Pakistan Sri Lanka Free Trade Agreement (PSFTA) came into force in June 2005. Still, there appears to be unrealised trade potentials that we can jointly explore. We too believe that it is time to expand our trade basket with Pakistan.” Minister Bathiudeen said.
According to the Department of Commerce, a range of new products have penetrated into the Pakistan market from Sri Lanka after the implementation of the PSFTA among them are fresh pineapple, MDF boards, sports goods, tamarind, edible oil, porcelain tableware & kitchenware, and ceramic items.
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