Historic Lanka-Belarus trade meet in Colombo today

Wednesday, 9 July 2014 01:03 - - {{hitsCtrl.values.hits}}

The first-ever bilateral trade meet between Sri Lanka and a key member of the upcoming Eurasian Economic Union (EEU) starts today, 9 July, in Colombo. “Our newest trade effort with Belarus strengthens the historic relations and more importantly, gives us direct access to the world’s newest single economic market,” said Minister of Industry and Commerce Rishad Bathiudeen yesterday.

Bathiudeen was in discussions with his officials on the first-ever Sri Lanka-Belarus Joint Commission on Trade and Economic Cooperation to be held in Colombo from 9-10 July with the participation of Republic of Belarus Deputy Minister of Foreign Affairs Valentin B. Rybakov. Rybakov arrived yesterday leading a 20-member strong official delegation of the Government of Belarus, for this historic trade meeting. Among sectors represented in today’s official delegation are agriculture, agriculture machinery and fisheries. Some representatives from the Belarusian private sector too are also expected. Belarus is a member of the EEU, planned to go into effect on 1 January 2015. The three members of EEU are Belarus, Kazakhstan and Russia. From 1 January 2015, the EEU will create a single economic market of 171 m people giving a new boost for Sri Lanka’s export diversification efforts. According to the Department of Commerce of Sri Lanka, Sri Lanka’s trade with Belarus has recorded an erratic pattern over the years. The total trade between both countries stood at $ 14.24 m in 2013. The balance of trade has been in favour of Belarus. Sri Lanka occupies the 69th rank among the countries which export to Belarus in 2012. Sri Lanka’s exports to Belarus include tea with a share of about 94%, followed by small quantities of new, rubber, retreated or used pneumatic tyres. Several joint statements were signed as a result of the successful meetings and negotiations between President Mahinda Rajapaksa and Belarus President Alexander Lukashenko during the 25-27 August visit by President Rajapaksa to Belarus. In addition, a number of agreements/MoUs covering trade and economic cooperation, avoidance of double taxation and prevention of fiscal evasions, visa exemption for holders of diplomatic and service passports, mutual legal assistance in criminal matters, military technical cooperation, cooperation between the Ministries of Justice, cooperation in the field of tourism, civil aviation, etc., too were concluded during the visit.