Negotiations on rejuvenating Lanka – Pakistan FTA
Ministries are actively engaged in discussions aimed at resolving these issues The Sri Lanka Pakistan Free Trade Agreement, (FTA) which marked Sri Lanka’s second and Pakistan’s first FTA has not yielded the desired outcomes, said newly elected President of Sri Lanka Pakistan Business Council (SLPBC) Indhra Kausal Rajapaksa, at their 31st Annual General Meeting.
He said that this is primarily due to bureaucratic hurdles, including non-tariff barriers. “Nevertheless, he highlighted a reason for optimism, as both our Commerce Ministries are actively engaged in discussions aimed at resolving these issues. This promising development is expected to pave the way for smoother trade between our nations, benefiting all stakeholders involved.”
Rajapaksa stressed the importance for the business community to seize the opportunities presented by these FTAs to advance their enterprises and assured that as facilitators, the Sri Lanka – Pakistan Business Council is fully prepared to provide assistance with any trade-related concerns and offer guidance to support these efforts. Umar Farooq Burki assured the High Commission of Pakistan’s continuous support and facilitation to the Sri Lanka – Pakistan Business Council for times to come.
According to Sri Lanka Customs, bilateral trade stood at US$ 430 million in 2022 due to the economic challenges faced by Sri Lanka last year, down from US$ 473 million in 2021 – which was the highest registered figure in the last four years.
High Commissioner Burki reiterated that strengthening of bilateral trade and investment between Pakistan and Sri Lanka has been a top priority on the agenda as Pakistan’s High Commissioner to Sri Lanka and will continue to provide the full support and facilitation in order to realize the maximum economic potential between the two brotherly countries. Somasundaram Deivanayagam, the departing President of the Council, emphasized the importance of bolstering Sri Lanka’s trade equilibrium.
He expressed the Council’s strong endorsement for the formation of a Committee comprising representatives from essential government institutions. This Committee’s primary mandate would be to undertake the necessary actions to foster trade growth and expand investment prospects between the two nations.
Additionally, Deivanayagam underscored that the Council’s discussions had centered on various shared interests, including the exchange of technical expertise.
In recognition of Deivanayagam’s exemplary service to the Council throughout his tenure as President, the Council honored him with the title of Honorary Member. He assumed the role of Immediate Past President/Honorary Member on the Council’s Committee.
Shaameel Mohideen, Chief Executive Officer, Spillburg Holdings (Pvt) Ltd and Wasantha de Silva, Managing Director, DMW Ventures Pvt Ltd were elected as the Vice Presidents of the Sri Lanka – Pakistan Council for the period 2023 – 2024.
Rohitha Thilakaratne, Managing Director, Merchant Lanka Private Ltdand Azmy Mohideen, Lanka Commodity Holdings will serve on the Committee as Members.Adamjee Lukmanjee & Sons, Akbar Brothers (Pvt) Ltd., Creative Textile Mill Private Ltd., M.A. Razak & Company Pvt Ltd and MAC Holdings Pvt Ltd were elected to serve on the Committee for the period 2023 – 2024.
The Council was inaugurated in August, 1991 under the aegis of the Ceylon Chamber of Commerce to promote bilateral trade, tourism and investment between Sri Lanka and Pakistan.
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