Sun, 26 Jun 2022 Today's Paper

Pakistani Commerce Minister says Sri Lanka their gateway to East Asia

12 November 2015 06:30 pm - 0     - {{hitsCtrl.values.hits}}

A A A


Pakistani Commerce Minister Engr. Khuram Dastgir Khan (left side, third from left) leads the Pakistani team (seated at left) while Minister of Industry and Commerce Rishad Bathiudeen (third from right-right side) makes his opening remarks leading the Lankan team at the bilateral trade talks session 


“The forthcoming change to historic Pakistan-Sri Lanka Free Trade Agreement (PSFTA) is a new phase in our bilateral economic engagement. It deepens our economic and trade relationship creating this new phase in our engagement,” said Minister of Commerce of Pakistan Engr. Khuram Dastgir addressing the bilateral trade meeting between Sri Lanka and Pakistan held in Colombo on Wednesday. 

“We offer to Sri Lanka our confluence of being able to give access to South Asia, Central Asia and West Asia while Sri Lanka opens the East Asian trade doors for Pakistan. That’s the broader foundation of this relationship! We need to give administrative solutions for short term trade issues and also longer term agreements formalising our short term understanding.”

Minister Khan said, “Many sensitivities can arise but we need to realise that this is a relationship for long term, particularly in terms of new challenges that have arisen in the form of mega regional trade agreements such as the recent Trans Pacific Partnership (TPP). We need to understand that we cannot wait for too long to deepen our bilateral engagement, otherwise our markets will be taken by competitors. We have to conclude our bilateral arrangements and then go for joint ventures in both countries so that we start exporting to third countries-in that we both join together in both value chains and supply chains to export to third countries.” 

Joining Minister Khan at this in-depth trade session were Maj General Syed Shakeel Hussain (High Commissioner of Pakistan to Colombo), Dr. Sarfraz Ahmed Khan Sipra (Deputy High Commissioner of Pakistan in Sri Lanka),  Pakistani Commerce officials and several Pakistani business delegates accompanying Minister Khan. Sri Lankan side lead by Industry and Commerce Minister Rishad Bathiudeen.

 “The forthcoming change to historic PSFTA is a new phase in our bilateral economic engagement. It deepens our economic and trade relationship creating this new phase in our engagement. A wider range of items under FTA to be offered duty free,” Khan noted.

At present, more than 4000 product lines from Sri Lanka have duty free access to Pakistani market under the Pakistan Sri Lanka FTA. This number of product lines is expected to expand as per Pakistani Minister Khan’s announcement on 11 November.  

The value of total Lanka-Pakistan bilateral trade that stood at US$ 97 million in 2001 increased to peak levels by 2013 to US$ 462 million and in 2014 levelled at US$ 354 million. Since the start of the FTA, Sri Lanka-Pakistan overall trade has surged by four times, exports to Pakistan have increased by three-fold while imports from Pakistan have grown by four-fold. Pakistan is now the second largest export destination for Sri Lanka in South Asia accounting for 10 percent of Sri Lanka’s exports to South Asia. Sri Lanka’s exports to Pakistan totalled US$ 74.25 million in 2014 while imports from Pakistan stood at US$ 279.59 million in the same year. Despite steady growth-except in 2014, the Balance of Trade remains mostly in favour of Pakistan. 
Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

Sell your vehicle & house fast with hitad.lk only cost is Rs.400, Advertise in Hitad.lk for free to sell your mobile phone. Want to sell your Pet, Advertise for Free in hitad.lk Search for Houses in Sri Lanka and find the best place through Hitad.lk find your best tuition place. Find the best partner for you, visit hitad.lk Find anything at any time hitad.lk.

  Comments - 0

Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

Sell your vehicle & house fast with hitad.lk only cost is Rs.400, Advertise in Hitad.lk for free to sell your mobile phone. Want to sell your Pet, Advertise for Free in hitad.lk Search for Houses in Sri Lanka and find the best place through Hitad.lk find your best tuition place. Find the best partner for you, visit hitad.lk Find anything at any time hitad.lk.


Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

Sell your vehicle & house fast with hitad.lk only cost is Rs.400, Advertise in Hitad.lk for free to sell your mobile phone. Want to sell your Pet, Advertise for Free in hitad.lk Search for Houses in Sri Lanka and find the best place through Hitad.lk find your best tuition place. Find the best partner for you, visit hitad.lk Find anything at any time hitad.lk.


Mirihana land reclamation project leaves farmers fuming

At present reclamation activities are underway at an 80-acre paddy land close

Is there a solution? Sustainable Fuel Bill for road transport

There is a great mismatch in spending between Sri Lanka’s total imports and

Aloka Pooja at Thanthirimale courtesy Wijeya Newspapers

The historical Thantirimale Raja Maha Viharaya, which associates itself with

Lessons from the fiasco over the detention of ‘Aeroflot’

As if Sri Lanka did not have enough problems, the government last week let an