Islamabad, April 06, 2015 (PPI-OT): Pakistan and Sri Lanka are linked by strong bond of friendship and share similar perception on important regional and international issues. As members of SAARC both countries have made positive contributions towards peace and regional stability. It is this positive outlook and mutual understanding that brings both the countries even closer. This was stated by federal minister for commerce Engineer Khurram Dastagir Khan in a meeting with president of Sri Lanka Mr. Maithripala Sirsisena.
The Minister added that the Year 2015 marks the completion of a decade of Free Trade Agreement with Sri Lanka. These years witnessed not only strengthening of trade ties between the countries but Sri Lanka emerged as a potential market for Pakistani exports. Pakistan concluded a FTA with Sri Lanka in 2002. Under this bilateral free trade agreement, both sides agreed to establish a free trade area with the elimination of tariffs on goods and services. This FTA became operational from June 2005.
Both the sides agreed to take further necessary measures to boost the bilateral trade to US $ 1 billion. .Bilateral trade between both the countries in 2013-2014 was US $ 322.172 million. Pakistan exported worth US $ 260.239 million to Sri Lanka against imports of US $ 61.933 million. Major exports from Pakistan include rice, fish, cotton yarn, cotton fabrics, pharmaceuticals, knitted fabrics, iron and steel. Major imports from Sri Lanka are tea, fruits, vegetables, oil seeds and crude rubber.
Pakistan and Sri Lanka enjoy cordial relationship and have been quite active in facilitating bilateral trade. Both the countries interact regularly at forums of PSFTA and Pak-Sri Lanka Comprehensive Economic Partnership Agreement (CEPA) to further enhance the bilateral trade and deepen the mutual ties. Trade in services, investment and custom cooperation define the future road map for Pakistan-Sri Lankan economic partnership.
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Category: Press Information Department