South Asian Business news and information

The trading will be conducted under the free trade agreement signed in 2006. Last Monday, Tariq Karim, chief executive of TDAP held a meeting with Brian Angunawela, visiting chairman, SLTDB in Karachi. Pakistan High Commissioner and Sri Lankan consul general were also present in the meeting. The officials talked about various ways and approaches to increase trade between two countries and future potential areas of trading. Daily Mirror reports:  

Both parties agreed that much more progress was needed under the FTA to raise levels of trade beyond the modest US$200 million a year achieved last year compared to the potential. The growth has been at a very slow pace under the FTA from the level of $ 154 million of two years ago. New areas of cooperation were identified for development. In the games and jewellery sector alone opportunities existed for collaboration in management and skills transfer and training, also for developing processes and manpower at Dazzle Park, Karachi as a centre of excellence for cutting and polishing of precious stones including importation of diamonds for value addition by cutting, polishing in Pakistan and then re-exporting to world markets. Other opportunities for enhancing trade through exhibitions and Fairs were to be strengthened further.

It was pointed out that Sri Lanka in its strategy for 2008 expects to increase its exports for next year from 10.3 percent to 15 percent with defined seven important production categories as thrust areas. It hopes to participate in seminars that can be conducted in Pakistan for raising awareness of the FTA between Pakistan and Sri Lanka to enhance the volume of trade between the two countries.

The MOU is aimed to create new business opportunities, solve problems, facilitate trade and pave ways for various joint ventures. In addition, exploration of new business areas through trade exhibitions and seminar will also be arranged.

Both Pakistan and Sri Lanka are developing countries with lots of potentials. They have lots of things in common. If they can promote a successful free trade, it would be very beneficial for both the countries.

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Daily Mirror