Lanka-Bangladesh JEC successfully revived after two decades, next meet in Colombo

The Sri Lanka-Bangladesh Joint Economic Commission (JEC) sessions, held after almost two decades, concluded successfully yesterday in Dhaka, Bangladesh.

“We effectively renewed bilateral trade cooperation and more importantly, have succeeded in regularising the important JEC series in the future,” announced Rishad Bathiudeen, Minister of Industry and Commerce of Sri Lanka in Dhaka at the end of the two day sessions.

Minister of Industry and Commerce Rishad Bathiudeen delivers his opening remarks at the 4th Session of Bangladesh-Sri Lanka Joint Commission on Economic and Technical Cooperation on 7 March in Dhaka, Bangladesh. Seated on his right is Minister of Finance of Bangladesh Abdul Maal Abdul Muhith

“Both countries also agreed to hold JEC sessions once in every two years in future,” Minister Bathiudeen said. “The next Sri Lanka-Bangladesh JEC will be held in Colombo in2014,” he revealed. “We also discussed ways to boost bilateral trade volumes further. Our trade has increased by 150% from 2001. However it still has huge potential to grow.”

Minister Bathiudeen also called on Bangladeshi Foreign Minister Dr. Dipu Moni on 8 March. He apprised Dr. Moni of Sri Lanka’s new economic resurgence and new investment opportunities as well as about ‘Sri Lanka Expo 2012,’ the mega export show of international level to be held in Colombo from 28-31 this month.

Having successfully clinched the revival in bilateral trade, Minister Bathiudeen, who led the Sri Lankan national delegation to Bangladesh on 6 March, will be returning with the team to Colombo today. He was accompanied by, among others, Tilak Collure, Secretary, Ministry of Industry and Commerce and P.D. Fernando, Director General of Department of Commerce of Sri Lanka.  

 Sri Lanka’s exports to Bangladesh has increased by 150% from 2006-2011 but Sri Lanka believes that there’s untapped potential in bilateral trade. Under the Sri Lanka-Bangladesh Joint Committee for Economic & Technical Cooperation, the two countries have already agreed to boost cooperation in small and cottage industries, air services, tourism, shipping, and cultural aspects. The Sri Lanka-Bangladesh Joint Commission (JEC) is the most appropriate mechanism to implement the 2011 MoUs between Sri Lanka and Bangladesh.

According to the Department of Commerce of Sri Lanka, the two-way trade between Sri Lanka and Bangladesh has been at a moderate and stable level. However, some improvements have been recorded during the last four to five years. As far as Sri Lanka’s exports to Bangladesh are concerned, it has increased by around 150% during the period 2006-2011.

Among the cooperation avenues is the air-services. MihinLanka operates air services from Colombo to Dhaka but the Department of Commerce of Sri Lanka under the Ministry of Industry and Commerce believes that it would be appropriate if the existing Air Services Agreement is revisited to make it more responsive to current needs, including the facilitation of transport of air cargo.