Pakistan, S Lanka to strengthen trade relations

Both Pakistan and Sri Lanka are lucrative investment locations for each other’s exporters as Pakistan is a gateway to resource-rich Central Asian States while on the other hand Sri Lanka enjoys duty-free access to huge European and Indian markets.

This was the consensus developed at a meeting between Sri Lankan High Commissioner Dr Wijeratne Bandara Dorakumbure and Lahore Chamber of Commerce and Industry (LCCI) President Mohammad Ali Mian here at LCCI on Wednesday.

The Sri Lankan High Commissioner said that under Generalised System of Preference (GSP) Sri Lanka has a free access to huge European market and under the regional pact it enjoys same facility with India that could be availed by Pakistani exporters for re-export to these markets.

He said both Pakistan and Sri Lanka had signed Free Trade Agreement (FTA) and the accord should be utilised to the maximum for the promotion of two-way trade.

Sri Lanka has secured duty-free access for as many as 7,200 products to the European Union Market under the EU’s GSP Plus Scheme. The main product categories which have vast potential in Sri Lanka under the GSP Plus Scheme include apparel and textiles, clothing accessories, sea foods, activated carbon, artificial flowers, foliage plants, rubber-based products tableware and bicycles.

Source: dailytimes