Dhaka, Colombo to sign FTA soon to boost bilateral trade

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FE Team | Published: March 14, 2013 00:00:00 | Updated: February 01, 2018 00:00:00

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FE Report Bangladesh and Sri Lanka will be able to sign much-hyped free trade agreement (FTA) soon for boosting bilateral trade and investment, Sri Lankan Deputy Minister of External Affairs GJL Neomal Perera said Wednesday in the capital. "Much have been done on FTA issue. We are very hopeful that the two countries will be able to sign the FTA within the next few months," he told the FE after a business meeting with the local entrepreneurs at the auditorium of Dhaka Chamber of Commerce and Industry (DCCI) on the day. DCCI organised the meeting on promoting bilateral trade, investment, shipping and tourism between Dhaka and Colombo. The Sri Lankan minister said that his country had simplified the business procedures and the overseas investors could avail those opportunities. "We are ensuring congenial atmosphere for doing business easily in Sri Lanka. There were difficulties in the past. And now you (Bangladeshis) could come to our country," he said. He called upon the Bangladeshi business people to maintain their export and import operations through the Hambantota and Colombo South ports since it will help reduce time for shipment of their exports. He also invited Bangladeshi investors to invest in the infrastructure sector in Sri Lanka. "There is a huge opportunity for export and import through Hambantota and Colombo South ports since those will not only facilitate shipments but also offer concessionary rates compared to other ports in negihbouring countries," he said. Mr Perera said that his country will host the Commonwealth Business Forum to be held on November 12-15, 2013 in Colombo. He invited Bangladeshi entrepreneurs to attend the upcoming business forum. He said that in the forum non-Commonwealth countries will also be able to participate in the upcoming business gathering. He said that Bangladesh government and business leaders have been informed about the business forum. "I request you to send your government (Bangladesh) delegation, business bodies and Board of Investment (BoI) team not only for business but also for projecting your country," he said. High Commissioner of Sri Lanka in Bangladesh WA Sarath K Weragoda said there are immense opportunities that both countries could work together for their common benefits. He said that Bangladeshi entrepreneurs could set up jute mills in Sri Lanka as the government of the Island nation is ready to provide all necessary support in this regard. "Bangladesh and Sri Lanka could work together to promote tourism and other sectors," he said. He strongly suggested removal of tariff and non- tariff barriers to boost trade and investment. President of DCCI Md Sabur Khan said both Bangladesh and Sri Lanka may boost their business by maintaining close bilateral ties. He stressed on removing existing trade barriers between the two friendly countries. Mr Sabur called upon Sri Lanka to give duty free market access to pharmaceuticals, jute and jute goods and ceramics of Bangladesh and import these items in large quantity from the country. He also called for direct marine connectivity of Chittagong and Mongla ports with Colombo and Trincomalee ports of Sri Lanka to boost bilateral trade. The DCCI chief called upon the importers of Sri Lanka to import cauliflower and potato from Bangladesh. He said in order to support the business community at home and abroad, the trade body is going to establish DCCI help desk at its own premise to provide one stop services to the business community. He requested the Sri Lankan government to allow duty free market access of pharmaceuticals, vegetables, agro-products, jute and jute products, ceramics, plastic ware, toiletries, corrugated iron sheets, house building materials etc. Bangladesh and Sri Lanka established diplomatic relations in 1972. Bangladesh exports woven garments, pharmaceuticals, jute yarn and twine, knitwear, textile fabrics, sacks and bags, plastic goods, cotton yarn, iron chain, leather, accumulator battery and parts, engineering products and furnace oil etc to Sri Lanka. On the other hand the country imports chemical products, rubber and rubber products, transport equipment, electric and machinery equipment etc. Bangladesh exported goods to Sri Lanka worth US $ 42.59 million while imported products worth $ 32.2 million during the fiscal year (FY) 2011-12. Vice- President of DCCI Absar Karim Chowdhury offered vote of thanks. DCCI Directors ASM Mohiuddin Monem, Osman Gani, Haider Ahmed Khan, FCA, Humayun Rashid, M Abu Hurairah, Kh. Shahidul Islam, Alhaj Abdus Salam, Md. Shoaib Choudhury, former President Asif Ibrahim, among others, were present.