Consul General of Sri Lanka, Sidath Kumar expressed his dismay on trade volume between Pakistan and Sri Lanka and said that although both the countries have signed Free Trade Agreement (FTA) still the volume of two way trade is less then one billion dollars.
Speaking at a meeting of Korangi Association of Trade and Industry (KATI) he noted that as per FTA signed between the two countries in 2002, Sri Lanka granted duty free access of 102 items or tariff lines at 6 digit level, while Pakistan reciprocated granting Sri Lanka duty free access to 206 products or tariff lines at 6 digit level.
Sidath Kumar said that despite the fact trade between the two countries has increased but the real potential is yet to be exploited. He invited members KATI to visit Sri Lanka in order to increase bilateral trade and fully exploit the opportunities of free trade.
The Patron In-chief, KATI, S M Muneer stressed the need of increasing two-way trade and advised the Chairman, Sub Committee of Diplomat Affairs, Masood Naqi to co-ordinate between the Sri Lankan Consulate and KATI to ensure visit of a full fledged trade delegation to SL.
The Chairman, KATI, Razzak Hashim Paracha said that KATI would carry out a study on 102 items fall under free trade agreement between the two countries. He said that trade volume between the two countries is quite dismal and Pakistan's manufacturers should seriously look to this potential market. He said that there is a big potential in automobile sector and Pakistan could export two-wheelers such as motorcycles and auto-rickshaw to Sri Lanka.