Saturday Sep 21, 2024

ABOUT US ADVERTISING CONTACT

MENU

Pakistani Minister Jatoi in town for trade talks

Wednesday, 27 November 2013 00:43 -     - {{hitsCtrl.values.hits}}

  • 11th Lanka-Pakistan session commences in Colombo today
  • Bilateral trade rise by 6%, at $ 433.6 m
  • ‘Strong trade growth after 2005 FTA!’: Rishad
As YoY bilateral trade with Pakistan surged and the Department of Commerce made assiduous preparations, the top Pakistani Minister to spearhead Lanka trade talks arrived in Colombo yesterday. “Pakistan is our second largest partner in SAARC. There has been a strong increase of trade after the Lanka-Pakistan FTA in 2005,” stressed Minister of Industry and Commerce Rishad Bathiudeen yesterday. Bathiudeen was addressing his top officials during a preparatory meeting on the visit of Pakistani Federal Minister of Industries and Production Ghulam Murtaza Jatoi to Sri Lanka. Jatoi and Bathiudeen are scheduled to chair the 11th Session of Sri Lanka-Pakistan Joint Economic Commission in Colombo commencing this morning (27). Minister Jatoi will be accompanied by five top Pakistani officials – all of whom are Joint Secretaries – from his Ministry as well as Ministries of Commerce, Finance and Foreign Affairs for this important session in Colombo. Minister Jatoi’s father, Ghulam Mustafa Jatoi, served as the Caretaker Prime Minister of Pakistan in 1990. According to the Department of Commerce, Pakistan is the second largest trading partner of Sri Lanka in the SAARC region after India. YoY bilateral trade has increased by 6% in 2012 to $ 433.69 m. A substantial growth in bilateral trade is seen in both exports and imports, especially after 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 US$ 158 m in 2005 to US$. 433.69 m in 2012. From 2005 to the third quarter of 2013, FDI from Pakistan to Sri Lanka stood at $ 7.5 m (cumulative) across 15 investment projects. Today’s sessions will centre on the progress of FTA and many other measures to improve bilateral trade. The talks are scheduled to commence in Colombo with the leadership of Bathiudeen and Jatoi.

COMMENTS