Pak’s latest GSP with EU, opportunity for Sri Lankan exporters: Qureshi

8 January 2014 03:36 am - 0 - {{hitsCtrl.values.hits}}

A A A

Sri Lanka’s second largest trade partner in SAARC is looking for more Lankan exports in the coming year, while also eyeing Sri Lanka’s sugar sector entry,

”Pakistan’s new GSP with EU is an opportunity for Sri Lankan exporters, and they can do more things. In fact, we should jointly explore whatever is possible within the rules and regulations of t hese new developments, said Pakistan High Commissioner to Sri Lanka Major General Qasim Qureshi, addressing Industry and Commerce Minister Rishad Bathiudeen during his new-year courtesy call on the Minister.

Addressing Minister Bathiudeen, Qureshi said, “We believe that there is strong unrealized trade potential between both countries. Through the Joint Economic Commission, we annually review our trade progress of our FTA so that it becomes increasingly ‘commercefriendly’ for both countries. And there is a trade imbalance between Pakistan and Sri Lanka and we want to reduce that.

Which means that we should also explore avenues and ways in which more products from Sri Lanka are exported to Pakistan.”

“So what we want to do is to expand the bilateral trade from the present annual level of $ 440 million to $ 1 billion in the coming years-perhaps even in a couple of years.

The way to do this is by exploring areas where we can see new trading starts between the two countries in not just the traditional trade items but also to look at new items and new products.

Also, Pakistan’s new GSP with EU is an opportunity for Sri Lankan exporters and they can do more things. Of course the rules of origin are from Pakistan. For example, Sri Lankan exporters can consider more raw material exports to Pakistani industries that are manufacturing to EU using this GSP. In fact, we should jointly explore whatever is possible within the rules and regulations of these new developments.”

According to the Department of Commerce, Pakistan is the second largest trading partner of Sri Lanka in the SAARC region after India.

Lankan exports to Pakistan topped $ 42.97 mn from January to June in 2013 and more importantly, registered a 27 percent surge from 2010’s $ 60.38 mn to $ 82.75 mn by 2012. The total trade has increased from US $ 158 mn in 2005 to US $. 433.69 mn in 2012 (and from January to June 2013, at $289.23 mn). The balance of trade has always been in favour of Pakistan.

Speaking on investments, Qureshi said, “We are also looking into getting new investments from Pakistan to Sri Lanka because we think that it is not only just commerce but mutual investments too can strengthen bilateral economic relations.

We are looking at some areas where we can bring investment from Pakistan to Sri Lanka and we are now keenly looking at the sugar industry in Sri Lanka for new investments.”

“I believe that in the coming year, we should maximize all opportunities presented by our FTA and enhance our bilateral trade levels.

Our exporters are already leveraging the PSFTA and it is time our exporters try on new product exports since there are more than 4800 product lines available to them under this PSFTA,” Bathiudeen said.

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

Comments - 0

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.

Pak’s latest GSP with EU, opportunity for Sri Lankan exporters: Qureshi

Comments - 0

Add comment

RECOMMENDED

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Western purple-faced langurs see blue!

Most Viewed in News

Belgian traveller scammed in Kalutara

A US “Kaputa”, a Lankan “Nariya” and a Presidential “Feast”

Street food vendor arrested for verbally harassing foreigner

Complaint lodged over Piumi Hansamali's possession of Gota’s Range Rover

Former MP Palitha Thewarapperuma dies from electrocution

Confusion remains if April 15 is a bank holiday

MIRROR CRICKET

Chamari Athapaththu sets big goal for T20 World Cup

How does CSK get best out of Pathirana?

Mendis, Mathews move up in ICC Test Rankings

Chamodi, Dewmi spins Sri Lanka U19 Women to big win

TODAY'S HEADLINES

Wild elephants pull down 16 telephone poles

Middleman arrested for price gouging at Kalutara eatery

Bondholders’ agreement delay won’t hinder IMF third tranche payout: Dr. Coomaraswamy

Party leaders to shoot down MPs request for concessionary duty free vehicle permits

Hardik fined Rs 12 lakh for violating IPL code of conduct after win over Punjab Kings

Chamari Athapaththu sets big goal for T20 World Cup

How does CSK get best out of Pathirana?

Mendis, Mathews move up in ICC Test Rankings