Sri Lanka’s trade with Asia’s fastest growing economy, Bangladesh is set to surge when both countries meet for Ministerial trade talks later this year -after almost three years.
“The fifth session of the Joint Economic Commission between Bangladesh and Sri Lanka was held in Colombo in 2016. Therefore time has come for the sixth trade session between both countries,” said Minister of Industry, Commerce, Resettlement of Protracted Displaced Persons, Cooperative Development, Skills Development & Vocational Training Rishad Bathiudeen on 6 August in Colombo adddressing the High Commissioner of Bangladesh in Colombo Riaz Hamidullah at the Ministry in Colombo 3 on Tuesday.
“During the 2016 SL-BJCETC session, ideas were exchanged between the two countries on the proposed Bangladesh-Sri Lanka Bilateral Free Trade Agreement. Also the draft bilateral investment Promotion & Protection Agreement (BIPPA), cooperation between the Investment Authorities in Bangladesh (BIDA) and Sri Lanka (BOI), and the draft MoU on standards between BSTI and SLSI were discussed –they later became a reality when MoUs were signed in 2017”.
“In the next session to be held in Dhaka, we can explore implementation and also plan the next steps. The dates for next session need to be agreed and finalised with Bangladeshi side,” said Minister Bathiudeen and added: “Also as the Minister of Development Strategies and International Trade Malik Samarawickrama has already announced, the FTA could be signed once the joint feasibility study is finalised.”
The proposed bilateral FTA aims at boosting total trade to higher levels beyond current $150 million levels.
0 comments: