By: Staff Writer
August 18, Colombo (LNW): Pakistan, Sri Lanka’s second largest trade partner in the region, has indicated interest in expanding its free trade agreement (FTA) trade with the island, creating growth in bilateral trade, which already exceeds the US $ 460 million mark, according to Sri Lanka’s trade ministry.
The Consulate General of Sri Lanka in Karachi in collaboration with the Department of Commerce of Sri Lanka facilitated Sri Lanka’s participation at the 19th My Karachi – Oasis of Harmony Exhibition held from 2 to 4 August at the Karachi Expo Centre.
Sri Lankan exporters, including Maliban Biscuits, Tea Talk, Orange Electrics, and SriLankan Airlines joined the Consulate General to showcase their products and services at the event. The participation of Sri Lanka aimed to boost Sri Lankan exports to Pakistan and encourage more Pakistani tourists to visit the country.
The Sri Lanka pavilion received an enthusiastic response from Pakistani businesses and extensive media coverage. Government officials, key chamber heads, and the Sri Lankan Consul General Jagath Abeywarna were among the distinguished visitors to the Sri Lanka stall.
In a statement the ministry said that Pakistan’s High Commission had indicated Pakistan looks forward to expand FTA trade by reducing sensitive items, thereby creating more opportunities for Lankan exporters.
It also stated that the composition of Pakistani working group for this year’s Ministerial level Joint Economic Commission (JEC) session had been finalised and the teams will span across four sectors namely, automotive, investment, customs cooperation and trade.
Meanwhile, Sri Lanka’s trade ministry pointed out that a range of new Lankan products have penetrated into the Pakistan market after the implementation of the PSFTA. Among them are fresh pineapple, MDF boards, sports goods, tamarind, edible oil, porcelain tableware and kitchenware, ceramic tiles, furniture, electrical switches and sockets and herbal cosmetic products.
Pakistan’s first-ever international FTA partner was Sri Lanka when the Pakistan Sri Lanka Free Trade Agreement (PSFTA) came into force in June 2005.. Sri Lanka’s main exports to Pakistan include natural rubber, copra, tea, coconut, spices and betel leaves while main imports are cement, cotton, wheat, cane/ beet sugar, medicaments and iron and steel.
