As bilateral trade crossed $350 Mn in 2014, Sri Lankaโs second largest trading partner in SAARC has revealed that it is fast-tracking work on $1Bn annual bilateral trade with new vigourโand to this end, is also aiming to wrap the next Joint Economic Commission (JEC) session in Islamabad at the earliest, as revealed on 26 May in Colombo. โWe want to expedite the next Joint Economic Commission to be held in Islamabad. And our new Minister of Commerce Eng. Khurram Dastgir Khan is now ready to come to Colombo before the JEC to continue on the new trade initiatives as agreed by higher levels during April in Islamabadโ said a determined Maj Gen (Rtd.) Syed Shakeel Hussain (HE Pakistani High Commissioner to Sri Lanka) on 26 May in Colombo.
High Commissioner Hussain was addressing Rishad Bathiudeen (Minister of Industry and Commerce) during his courtesy call on Minister Bathiudeen at the Ministry in Colombo 3.
Pakistan is the second largest trading partner of Sri Lanka in the SAARC region after India. Total trade between the two countries jumped from $158 Mn in 2005 to $354 Mn in 2014. The Balance of Trade has always been in favour of Pakistan. The Pakistan-Lanka Free Trade Agreement came into force in June 2005. Sri Lankaโs leading exports to Pakistan in 2014 were pepper ($15 Mn), vegetable products & betel leaves ($12 Mn), natural rubber($12 Mn), and coconut products ($10 Mn).
โOur bilateral relations go back to 1948. And we are ever grateful to Sri Lanka for the support extended to us in 1971โ said High Commissioner Hussain and added: ย โOur historic relations and friendship go deep down and are at strongest levels but when it comes to trade, more work needed. Despite FTA being active since 1974, we have not done as much trade as we really could. When I embarked on taking up the Lankan posting, our Prime Minister advised me that trade would be my sole focus while I am in Colombo. We also believe that Cement, sugarcanes and pharmaceuticals are key avenues of investment cooperation. We must integrate businesses and entrepreneurs on both sides as ways and means to expand bilateral trade. B2B exchanges involving them would be a good start for our agreed annual trade levels of $1 Bn. We want to expedite the next Joint Economic Commission to be held in Islamabad. And our new Minister of Commerce Eng. Khurram Dastgir Khan is now ready to come to Colombo before the JEC to continue on the new trade initiatives as agreed by higher levels during April in Islamabad.โ
โOur President Maithripala Sirisenaโs visit to Islamabad this April was very successful and we are pleased about itโ responded Minister Bathiudeen and added: โApart from the six MoUs, topics of discussion included sugar and cement industry cooperation, direct flights as well as the agreement to increase annual bilateral trade to $ 1 Bn. We are now working towards this goal. We appreciate your suggestions on increased B2B and entrepreneur exchanges to realise $1Bn trade. We warmly welcome your Minister of Commerce and also believe that forthcoming Joint Economic Commission and the Joint Working Group sessions could be held in Islamabad. I suggest we hold both sessions together in Islamabad.โ
โHolding both sessions together in Islamabad is a good suggestion. We shall await for your confirmation of dates in this regardโ responded a pleased High Commissioner Hussain.
During the April 06 bilateral talks between Pakistani Prime Minister Nawaz Sharif and (HE) Lankan President Maithripala Sirisena in Islamabad, both countries agreed to enhance annual bilateral trade to $1 Bn. ย President Sirisena also called for enhancing people to people contact from both ends.
Both High Commissioner Hussain and Minister Bathiudeen also delved in to other aspects of bilateral cooperation during their 26 May meet. Also present at the 26 May session were SS Miyanawala (Secretary, Ministry of Industry and Commerce), RDS Kumararatne (DG-Commerce) and top officials from EDB.
Leader of All Ceylon Makkal Congress