KARACHI: Despite Free Trade Agreement between Pakistan and Sri-Lanka, the trade volume between the two countries currently stands at mere US$ 373 million.

During a meeting between the Consul General of Sri Lanka, G.L. Gnanatheva and officials of Federation of Pakistan Chamber of Commerce and Industry (FPCCI), here the other day,it was observed with concern that a decline of US$ 139 million could be registered between two countries during past seven years.

Sri Lankan CG who had visited the FPCCI office to discuss bilateral trade, investment and FTA potential to improve trade relations between the two countries was joined by FPCCI’s Senior Vice President, Dr Mirza Ikhtiar Baig in taking exception to the fact that trade volume between two countries in 2011 was 512 million as against US$ 373 in 2018.

Exports from Pakistan to Sri Lanka was said to be currently US$ 270 million whereas imports from Sri Lanka to Pakistan stood at US$ 103 as against exports worth US$ 442 million and imports of US$ 70 million in 2011.

Mentioning that FTA between Pakistan and Sri Lanka was in place for past 13 years, Dr Baig said Pakistan had huge potential to export rice to Sri Lanka, however, it was compromised due to import quota restrictions imposed by the later.

As per the Sri Lankan restrictions rice only upto 6,000 tons per anum could be imported. FPCCI officials Ismail Suttar, Muslim Mohammadi, Waqar Mehmood Khan, Jamal Khan Achkazai, Kamal A. Mehmoodi and others present on the occasion joined their vice president, pleading raise in the duty free quota of rice from Pakistan to 25,000 tons per anum.

The Sri Lankan Consul General expressed his desire to increase the exports of Sri Lankan Tea to Pakistan.

He also mentioned that a seminar scheduled for February 2019 will be attended by the High Commissioner of Sri Lanka and senior officials of Sri Lankan Tea Board to apprise local exporters about optimum utilization of FTA between Sri Lanka and Pakistan.

app