KARACHI: Sri Lankan Minister of Trade Dr. Bandula Gunawardhane, while commenting on Pakistan Sri Lanka Free Trade Agreement (PSFTA), stated that PSFTA has contributed moderately to the enhancement of bilateral trade volume therefore, the real potential of bilateral trade was still needed to be achieved by both countries under PSFTA.
Dr. Gunawardhane, who led a Sri Lankan delegation during its visit to the Karachi Chamber of Commerce & Industry (KCCI) on Thursday, said that in 2020, despite the debilitating impact of COVID-19 pandemic on all businesses, Sri Lanka’s total exports to Pakistan reached US$74 million, of which US$53 million worth of exports or 73 percent took place under PSFTA.
Consul General of Sri Lanka Jagath Abeywarna, Director General/ Economic Affairs Division, Sri Lankan Foreign Ministry Prof. Dr. Saj U. Mendis, Commercial Secretary, High Commission of Pakistan in Sri Lanka Asma Kamal, Chairman Businessmen Group & Former President KCCI Muhammad Zubair Motiwala, President KCCI Muhammad Idrees, Senior Vice President Abdul Rehman Naqi, Vice President KCCI Qazi Zahid Hussain, Former President KCCI Majyd Aziz, Chairman of KCCI’s Sub-Committee for Fairs, Exhibitions & Trade Delegations Azeem Ahmed Alvi, KCCI Managing Committee Members and others attended the meeting.
Sri Lankan Trade Minister said that Pakistan was the only market for Sri Lankan betel leaves which is mostly associated with the income of the rural population of Sri Lanka. “We are hopeful that Pakistani government will soon do away with the regulatory duty which adversely impacted the export of betel leaves from Sri Lanka”, he added.
He said that the relations between Pakistan and Sri Lanka date back to the formative years of the two countries as they laid foundation of their friendship in 1948 when the Sri Lankan Prime Minister visited Pakistan. “From historical time onwards, we enjoy and cherish the cordial, close and deep relations of Pakistanis in all aspects of our lives.”
He pointed out that on the trade front, Pakistan has been a long-standing partner and a close ally of Sri Lanka. In mid-70s, Pakistan was the largest buyer of Sri Lanka, accounting for 8 percent of Sri Lanka’s total exports due to high intake of Ceylon tea. Today, Pakistan was the second largest trading partner of Sri Lanka in the SAARC region. “Sri Lanka Pakistan economic cooperation needs to be performing well than in the present context. Therefore, let us join hands for better economic ties between the two countries for greater economic issues”, he added.
