Malaysia has expressed its strong interest on moving forward on the Free Trade Agreement (FTA) with Sri Lanka that was initially mulled in 2013.
“An FTA with Sri Lanka about which we agreed in principle will boost Lanka-Malaysia trade in a great way,” said Sri Lankan Minister of Industry and Commerce Rishad Bathiudeen on July 25 in Kuala Lumpur.
Minister Bathiudeen held discussions with the Malaysian Minister of International Trade and Industry YB Darell Leiking in Kuala Lumpur and lauded Malaysian Minister Darell Leiking’s strong interest in moving forward in respect of the Free Trade Agreement between both countries that was initially entertained in 2013.
During the Second Session of the Joint Commission in Malaysia in October 2013 in Kuala Lumpur both sides agreed in principle to explore the future possibility of an FTA, which would boost bilateral trade further. According to the Department of Commerce of Sri Lanka, bilateral trade between Sri Lanka and Malaysia in the five year period of 2013-’17 has increased by 20% to US$ 693 million.
This year January-June trade was at a strong $361 million. 92% of total trade in 2017 were imports from Malaysia at $641 milllion. Malaysia was the seventh largest source of imports of Sri Lanka in 2017. Main imports from Malaysia (in 2017) were wood, Portland cement, plastics, petrol, synthetic rubber, and gas oil, diesel. Sri Lanka’s leading exports to Malaysia (2017) were food preparations, meslin flour, tea and apparel.
Minister Bathiudeen explained the initial actions taken on Sri Lanka-Malaysia Free Trade Agreement so far and added: “We understand that there are training opportunities for our SMEs to be available in Malaysia and we shall be thankful for provision of such opportunities to Lankan SMEs as well. We invite Malaysian officials and private sectors to explore investment and trade potentials in Sri Lanka. Major economic reforms are planned under our Unity Government.
I welcome your interest on an FTA with Sri Lanka about which both countries agreed in principle earlier. Such an FTA will boost Lanka-Malaysia trade in a big way. I welcome your interest on an FTA with Sri Lanka about which we agreed in principle.”
“Such an agreement will boost Lanka-Malaysia trade in a great way.”
0 comments: