To review the trade barriers between Pakistan and Sri Lanka, a meeting will be held at Colombo in August 2011, while the State Bank of Pakistan (SBP) and the Ministry of Finance will communicate with the concerned authorities in Sri Lanka for providing necessary details regarding supplier credit of $200 Million offered by Government of Pakistan to Sri Lanka.
This was announced by Hina Rabbani Khar, Minister of State for Foreign Affairs, Finance and Economic Affairs after the 10 the Session of Pakistan-Sri Lanka Joint Economic Commission (JEC) held here from 4 to 5 July, 2011. After the conclusion of the JEC, a signing ceremony between India and Pakistan also took place to enhance the mutual co-operation in the fields of human resource development, science and technology, nursing staff in cardiology, neurology and psychiatry, and ports and shipping. Hina Rabbani Khar led the Pakistan side whereas Rishad Bathiudeen, Minister of Industry and Commerce led the eleven-member Sri Lankan delegation.
The Minister of State said that both sides have emphasised the need to promote bilateral trade. The next meeting of the Joint Economic Commission will be held in 2012 in the same city. "We understand that both sides should make such arrangements, which could encourage regular exchanges of trade delegations from each side in a year", Hina Rabbani said.
Pakistan and Sri Lanka have strong cultural and historical bonds. Both countries share common perception on important regional issues. As members of SAARC both countries contribute a lot towards evolution of regional co-operation.
The salient features of the ongoing talks during 10th Session of JEC included: review of the bilateral trade between the two countries presently to the tune of $338 million; discussion on sectoral alliances of Pakistan trade bodies with Sri Lankan counterparts, and exploration of the possibility of exchange of traders/businessmen delegations, revisiting the prevailing tariff structure between the two countries and reviewing details of $200 million credit facility offered by government of Pakistan during the visit of President Zardari to Sri Lanka in November 2010.
President, Asif Ali Zardari visited Sri Lanka in November 2010 to lay the basis for further strengthening of bilateral relations, especially through mutually beneficial economic relations. The four-day visit focused on discussion on a host of bilateral, regional and international issues with President Mahinda besides meeting with Sri Lankan entrepreneurs at a Business Forum.
During the 10th session of JEC, both sides agreed to revisit their visa policy to make the procedure easy for businessmen and nationals of both the countries. Pakistan stressed during the negotiations its offer of long-term educational facilities as well as short-term training facilities under Pakistan Technical Assistance Programme (PTAP) while Sri Lankan side requested for training in the field of handicrafts including brassware, ceramics, leather, woodwork and handloom fabrics etc.
Hina Rabbani said that Pakistan has requested the other side to offer training courses in the field of nursing. "A joint committee for co-operation in Science & Technology would also be constituted", the State Minister added. She maintained that the balance of trade has been in favour of Pakistan.
Sri Lanka and Pakistan have huge potential. Presently the bilateral trade between the both countries stands at $338 million. The Sri Lankan Minister said that Pakistan and Sri Lanka need to further enhance the close geographical, historic, and cultural relations. He emphasised that the bilateral trade between the two states was not matching the existing potential and highlighted the need for continued efforts to enhance the bilateral trade. He added that private sector of both countries has a crucial role to play in boosting the trade. It has also been decided that as a measure to boost the trade, the two states would also explore the possibility of establishing a direct shipping service between the two counties.
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