ISLAMABAD: The Pakistan-Sri Lanka Joint Economic Commission (JEC) highlighted that the existing level of bilateral trade is much below its potential, and agreed to enhance the bilateral trade.
The 12th session of Pakistan–Sri Lanka JEC was virtually held to discuss the bilateral economic relationships, said an official statement of the Ministry of Economic Affairs issued at the conclusion of the session available at the ministry’s website.
Both sides agreed to hold the next session in Colombo in 2022.
Noor Ahmed, secretary, Ministry of Economic Affairs headed the Pakistan delegation, while Kanthi Gunewardhane, acting secretary, Ministry of Trade led the delegation of the Democratic Socialist Republic of Sri Lanka.
Pakistan delegation comprised senior officers of the ministries of Economic Affairs, Information and Technology, Industries and Productions, Foreign Affairs, Commerce, Finance, the Federal Board of Revenue (FBR), the Board of Investment (BOI), the representative of the FPCCI, and senior counterpart officers of Sri Lankan side.
The meeting mainly focused on economic cooperation in various sectors including trade and investment and industrial cooperation.
Both the sides discussed the avenues for strengthening bilateral economic ties.
It was highlighted that the existing level of bilateral trade is much below its potential and agreed to enhance bilateral trade.
Pakistan offered to upgrade the sugar and cement industry of Sri Lanka, since after having attained a sizeable capacity in manufacturing machinery.
The secretary, EAD welcomed the participants, and highlighted that the relations between Sri Lanka and Pakistan are based on shared understanding on a wide range of regional and international issues.
Both countries are pursuing the goals of global peace and regional harmony.
The friendship between the two sides is enduring and is based on the principles of mutual respect and support for national sovereignty and territorial integrity.
The acting secretary Ministry of Trade from Sri Lanka highlighted the already cordial and friendly historic relations between the two countries which are time tested in cultural, commercial, economic, political and strategic cooperation.
Pak-Sri Lankan side agreed to further enhance these relations between the two countries. Sri Lankan side thanked Pakistan for support on political and strategic issue to Sri Lanka at regional and global levels.
She praised Pakistan for hosting the JEC in virtual mode in difficult pandemic situation.
Noor Ahmed thanked the Democratic Socialist Republic of Sri Lanka, and assured the continuous support for further strengthening the bilateral ties.
Kanthi Gunewardhane, on behalf of Sri Lanka, expressed her desire to enhance economic cooperation with Pakistan in the future.
Copyright Business Recorder, 2021
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