Talks to enhance bilateral trade between Sri Lanka and Bangladesh opened in Colombo today 9 November. The first Ministerial level talks to take place since the Dhaka round in 2012, the session focused on co-operation inย trade and industry, and specifically air services, tourism, shipping, and ITC.
โToday, Sri Lanka and Bangladesh are enjoying extremely strong trade and economic, cultural, financial and political relationsโ said Minister of Industry and Commerce Rishad Bathiudeen, inaugurating the event at Cinnamon Lake, Colombo on the morning of 9 November. Minister Bathiudeen is leading the Lankan side at the fifth session of Joint Economic Cooperation (JEC) while the Bangladeshi side is led by Minister of Commerce of Bangladesh Tofail Ahmed. The JEC talks in Colombo have been organized by the Department of Commerce of Sri Lanka. Upon the close of 9 November morning inauguration event, the day long technical sessions commenced at Cinnamon Lake Hotel.
โHaving regular forums in this nature would help both countries to build upon already existing deep rooted long-standing relationsโ said Minister Bathiudeen, and added: โIn fact today, Sri Lanka and Bangladesh are enjoying extremely strong trade and economic, cultural, financial and political relations, and sharing common views on many regional and international issues which are of interest and concern to the two countries. As we know, both our nations are members of regional groups such as SAFTA, APTA and BIMSTEC. Besides, we have a vast range of complementarities, which can be harnessed and transformed into tangible and mutually beneficial business alliancesย to complement theย endeavours ofย two nations on achieving a balanced and sustainable development.โ
The total bilateral trade that was at US$ 48 Mn in 2010 has grown by more than two fold to US$ 131 Mn by 2015. Sri Lankaโs exports to Bangladesh too saw a steady increase in the past five years. In 2013 it recorded the highest increase of 45% (compared to 2012). A greater portion of Lankan exports to Bangladesh is represented by cotton (26.1%) followed by Man-made staple fibres (13.1%), plastic articles (12.1%) and knitted/crocheted fabrics (10.9%). Among Sri Lankaโs imports from Bangladesh are Pharmaceuticals (31%)ย followed by Rice (29.3%), Electric accumulators (6.3%) and apparel and garments (6%). In 2015, import of Pharmaceuticals have surged by 61% over 2014.
Bangladeshi Commerce Minister Ahmed explained the political changes back home. โI have brought several private sector representatives including reps from Bangladeshi Chamber for this session. We are keen to boost cooperation in service sector such as ICT as well.โ
The Joint Economic Commission (JEC) is one of the main apex instruments that enables the two nations to discuss and resolve economic and trade matters pertaining to their respective interests. Under the Sri Lanka โ Bangladesh Joint Committee for Economic & Technical Cooperation, the two countries agreed to extend co-operation in the areas of trade, commerce and industries. The 4th Session of JEC and Technical Cooperation between Sri Lanka โ Bangladesh was held in Dhaka, Bangladesh in March 2012 at Ministerial Level.
Leader of All Ceylon Makkal Congress