Thursday, 28 November 2013 00:00
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28 Govt. Ministries and Depts represent Lankan side at talks
Remarkable progress on trade: Rishad Bilateral trade rise by 6%, at $ 433.6 Mn
Pakistan’s new Government keen on regional trade: Minister Jatoi
The 11th sessions of the Sri Lanka-Pakistan Joint Economic Commission commenced in Colombo yesterday (27). Lankan officials stated that the outcomes on many issues that came under discussion as of mid-day had been positive.
“The business communities of both the countries need to play a vital role in this process. This would of course demand the business entrepreneurs of the two countries to engage themselves in vibrant and vigorous trade and investment promotional activities,” said Minister of Industry and Commerce Rishad Bathiudeen on 27 November in Colombo.
Minister Bathiudeen was addressing the opening event of the 11th session of the Sri Lanka-Pakistan Joint Economic Commission held at The Kingsbury, Colombo. In attendance from the Sri Lankan side along with Minister Bathiudeen were his top officials as well as 42 top officials from 28 government Ministries and departments, including the Ministries of Finance, Defence, Technology and Research, Higher Education, External Affairs, Industry and Commerce, Department of Commerce, Trade and Investment Policy, Atomic Energy Authority, Sri Lanka Standards Institute, EDB, BOI, Department of Agriculture and the Department of Customs. During the technical sessions that commenced by 10 a.m., the Sri Lankan side was led by Secretary, Ministry of Industry and Commerce Anura Siriwardena, while the Pakistani side was led by Joint Secretary-Ministry of Commerce Robina Athar.
Also on the Pakistani side were Joint Secretary (EC)-Economic Affairs Division Dr. Asmat Nawaz, Joint Secretary Ministry of Industries & Production Abdul Sattar Khokhar, Joint Secretary (IF)-Ministry of Finance Tanvir Ahmed Butt, Ministry of Foreign Affairs Director Yasir Mehmood along with High Commissioner of Pakistan to Sri Lanka Maj. Gen. (Rtd) Qasim Qureshi and his embassy staff.
With the establishment of the Joint Economic Commission between the two countries at Ministerial level back in 1974, 10 such joint sessions were already concluded and the 11th session took place on 27 November in Colombo further strengthening bilateral trade, economic, culture, education, and technical cooperation.
According to the Department of Commerce, Pakistan is the second largest trading partner of Sri Lanka in the SAARC region after India. The YoY bilateral trade has increased by 6% in 2012 to $ 433.69 million. A substantial growth in bilateral trade is seen in both exports and imports, especially after the Free Trade Agreement between the two countries was implemented in 2005.
The value of total trade between the two countries has increased by 174% from $ 158 million in 2005 to $. 433.69 million in 2012. From 2005 to the third quarter of 2013, FDI from Pakistan to Sri Lanka stood at $ 7.5 million (cumulative) across 25 investment projects (including Section 16).
“We have seen a remarkable progress on bilateral trade, especially after the implementation of the Free Trade Agreement in 2005. Our bilateral trade has, increased from $ 147 million in 2004 to $ 434 million in 2012,” said Minister Bathiudeen, and added: “This increasing trend is a clear indication of the potential that exists between our two countries for further improvements in bilateral trade.
“The business communities of both the countries also need to play a vital role in this process. This would of course demands the business entrepreneurs of the two countries to engage themselves in vibrant and vigorous trade and investment promotional activities on a sustainable manner. " “The visit of the President of the Islamic Republic of Pakistan to Sri Lanka in November 2010 and the visit of our President Mahinda Rajapaksa to Pakistan last year opened new chapters, in the centuries old friendship, and relations. During these visits the Presidents of our two countries agreed that the historic relations and common understanding of our two countries provided a firm foundation, to build a vibrant and multi-faceted partnership.
“We were delighted to welcome Prime Minister Nawaz Sheriff along with his delegation to attend the Commonwealth Heads of Government Meeting in Colombo. These high level visits have renewed and enhanced our bilateral relations in diverse fields which are of importance, to both our nations.”
Addressing the event, Pakistani Federal Minister of Industries & Production Ghulam Murtaza Jatoi said: “The new elected Government is very keen to strengthen relationship with countries in the region and Sri Lanka remains one of the important neighbours. This session would definitely offer an opportunity for us to move forward together in trade, commerce, banking and finance, agriculture, science and technology, and other sectors.
“Despite concluding FTA in 2002, there is certainly a need for taking concrete measures for increasing and diversifying international trade. It is heartening to note that the fifth technical level meeting on Pakistan Sri Lanka FTA and Comprehensive Economic Partnership Agreement was held between the two countries in April 2013 at Islamabad.
“Pakistan lies at the cross roads of central and West Asia. Besides being a big market of more than 180 million people, it is also a neighbour to big emerging economies like India and China. This geographical location of Pakistan coupled with a friendly liberal investment policy offers ideal and enormous opportunities for Sri Lankan investment in Pakistan.
“Despite internal and external challenges such as the war against terror, severe energy crises and phenomenal surge in commodity prices over the past few years, Pakistan has been able to maintain a reasonable growth trajectory.
