Sri Lanka News

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Sri Lanka increased its trade by US $ 27 million by the FTA

 By Walter Jayawardhana


Through the Free Trade Agreement signed between Sri
Lanka and Pakistan, Sri Lanka benefited immensely by increasing the
island nation’s exports by US $ 27 million while Pakistan increased its
exports by only US $ 3 million said the karachchi Chamber of Commerce
and Industry.

The Chamber President said the fault was by Pakistan
since the prime reason for Pakistan not being able to increase its
trade with Sri Lanka was the lack of knowledge about the Free Trade
Agreement among the business community the country signed with the
Indian Ocean island republic. The Chamber said by the cognizance of the
agreement Sri Lanka increased its exports by US $ 27 million compared
to Pakistan’s measly 3 million.

 The Karachi Chamber of Commerce President Maiyd
Aziz told the inaugural meeting of the Regional Economic Affairs
Committee that now the chamber is organizing an intensive seminar in
Karachi in April on understanding FTA in collaboration with the
Pakistan High Commission in Colombo, the Sindh provincial government
and the Trade Development Authority in Pakistan.

He said it is planned to highlight SAFTA, Pak-Sri
Lanka FTA, Pak-China FTA, and the under negotiation FTAs with Malaysia
and Bangladesh. He talked about the shipping protocol signed with
India, and proposed to the Pakistan government that it should promote
and create intra-regional investment along with trade.

The Special Committee Chairman on Regional Economic
Affairs Danish Saeed said that India is taking the maximum advantage of
the Free Trade Agreements signed and Pakistan should take an example
from them. He said Pakistan should could galvanize its trade through
profound understanding the trade agreements the country signed.

Further emphasizing India as an example to follow he
said Indo-China bilateral trade has crossed the US $ 25 billion mark in
one year both China and India have attained awareness of the
competitive domestic markets in each others country. Saeed pointed out
China and SAARC countries constitute 20 % of the global population and
thus provide ample opportunities of trade for one another.


February 22, 2007 - Posted by | News and politics, South Asia, World News

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