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Friday Nov 15, 2024
Wednesday, 7 March 2012 00:09 - - {{hitsCtrl.values.hits}}
As Sri Lanka-Bangladesh trade topped an all-time high of $ 45 m, the latest round of Sri Lanka-Bangladesh Joint Commission on Economic and Technical Co-operation (JT&EC) will commence in Dhaka, Bangladesh, today (7 March).
“Last year both President of Sri Lanka Mahinda Rajapaksa and Prime Minister of Bangladesh Sheikh Hasina agreed that the JE&TC should be revived,” said Minister of Industry and Commerce Rishad Bathiudeen, prior to his departure for Dhaka.
“The decision is now implemented as the fourth session commences this week,” he said. The previous JEC, the third session, was held in 1993.
Minister Bathiudeen is leading the Sri Lankan national delegation to the Dhaka sessions of 7-8 March.
When President Rajapaksa visited the President to Dhaka in April 2011, both countries recognised that the Bangladesh Sri-Lanka Joint Economic Commission was an effective mechanism to further enhance bilateral cooperation between the two countries and agreed that the fourth session of the Joint Economic Commission should be held as soon as possible.
Both sides agreed that the bilateral trade between Bangladesh and Sri Lanka, though showing positive trends, was far below the potential and did not reflect the cordial political relations. It was agreed that the two countries would undertake measures for trade facilitation, including identification and removal of non-tariff barriers and simplification and harmonisation of mutually-recognised standards.
According to the Department of Commerce of Sri Lanka, Sri Lanka’s exports to Bangladesh have shown a healthy and steady growth during the eight years that ended in 2010. The total value exports in 2010 stood at US$ 35.54 million, showing a 36% growth compared to 2009. In 2011, it topped 46.32 million, while imports in the same year registered 24 million, thereby showing a positive trade balance for Sri Lanka.
Sri Lanka’s major exports to Bangladesh were dyed woven fabric of cotton, articles of plastics, narrow woven fabric with rubber thread, enzymes, coral and similar materials, petroleum oils and oils obtained from bituminous minerals, dye carriers, trailers and semi-trailers and printed paper.
