'Collective efforts needed to increase bilateral trade under FTA': Sri Lankan HC visits Sialkot chamber

Sri Lankan High Commissioner to Pakistan, Jayalath Weerakkody, said that there was wide scope to expand bilateral trade between Sri Lanka and Pakistan, but the current volume of trade was at its lowest ebb. Addressing a seminar on business opportunities with Sri Lanka under the Free Trade Agreement, between Pakistan and Sri Lanka, held at the SCCI, here on Saturday, he said that Sri Lanka and Pakistan were enjoying highly cordial relations.
These ties would further be strengthened with the passage of time. The Sri Lankan High Commissioner underscored the need of expanding bilateral trade activities between the two friendly countries, adding that there was a great need of collective effort for bringing considerable boom in the existing trade volume.
The High Commissioner urged the business community of Sialkot to visit Sri Lanka to explore the market, as well as to evaluate the demands of Pakistani products. Their visit to Sri Lanka, he said, would provide opportunities of direct interaction, and a one- to- one meeting with their counterparts.
Pakistani businessmen were able to manufacture products in Sri Lanka, which had a high demand in Pakistan's market and could export them to Pakistan, availing the duty free benefits and duty concessions granted under the Free Trade Agreement, he said.
The High Commissioner further said that this would enable manufacturers to source raw materials into Sri Lanka from Pakistan, on a duty-free basis and export-manufactured products to Pakistan, on duty-free concessions offered under the agreement.
The Sri Lankan High Commissioner, on this occasion, lauded the efforts of Pakistan to eliminate terrorism and said that we fully support Pakistan in this regard. In his address of welcome, Vice President Sialkot Chamber of Commerce and Industry (SCCI) Mir Farooq Mayer, said that the FTA (Free Trade Agreement) was an excellent tool for the expansion of bilateral trade between Pakistan and Sri Lanka.
Equally, promotion of trade depends on better co ordination, interaction and understanding among the business communities of the two countries, he said. Farooq Mayer said that Sri Lanka was the first country to have a Free Trade Agreement (FTA) with Pakistan, which was operational from June 12,2005.
However, the results were not up to the mark, as bilateral trade was limited to a few items he added. The SCCI Vice President said it was important that businessmen, of both countries, take full advantage of the Pak-Sri Lanka FTA, as this was the best mode for enhancing bilateral trade.