Pakistan and Sri Lanka on Friday agreed to reduce tariff on betel leaves and herbal cosmetics besides stressing the need for effective steps to realise actual potential of bilateral trade.
The decision was taken at the first meeting of the joint committee established to review Free Trade Agreement (FTA), co-chaired by Humayun Akhtar Khan, Minister for Commerce and Professor G.L Peiris, Sri Lankan Minister for Export Development and International Trade.
Pakistan Commerce Minister, in his remarks emphasised the need to take facilitation measures to reduce cost of doing trade, especially by SME sectors of both the countries. Sri Lankan Trade Minister expressed satisfaction on the pace of bilateral trade growth after the implementation of FTA. He, however, was of the view that much remains to be done to realise the actual potential of bilateral trade by creating awareness among the business community.
He further said that trade grew after the FTA, terming it a landmark in the history of both the countries. According to an official statement, Humayun Akhtar Khan discussed the future roadmap for rapid bilateral economic and commercial linkage by initiating negotiations on trade in services, and investment.
Prior to the ministerial meeting, a meeting on the technical aspect was held. Shahid Bashir, Joint Secretary Ministry of Commerce led the Pakistani side, and the Director General Commerce Ms Manel De Silva led Sri Lankan side.
They observed that both the sides have always been quick to respond to issues, which arose during the initial phase of implementation of bilateral agreement. The spirit of understanding was key to realise potential of bilateral trade, they said.
It was also decided that the next Review Meeting should be held in Sri Lanka on a date convenient to both the sides. At the end, the signing ceremony of minutes was held. Both the Commerce Ministers signed the minutes and exchanged the documents.
The Pakistani delegation included Secretary Commerce Syed Asif Shah, Joint Secretary Shahid Bashir and Shahzad Chaudhry, High Commissioner for Pakistan in Colombo. And the Sri Lankan delegation included Memo Wijerante, Minister for Enterprise Development, Ms Manel De Silva, DG Commerce and others.
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