Bangladesh and Sri Lanka will further study potentials of a preferential trade agreement (PTA) or free trade agreement (FTA) aiming to enhance bilateral trade, sources said.
At a recent meeting of joint working group on trade in Colombo, the two countries discussed the draft feasibility report and agreed to finalise and validate the draft after consulting the stakeholders concerned.
They also agreed to initiate negotiations towards signing of PTA or FTA or any other institutional mechanism after finalisation of the study incorporating stakeholders' views.
In the meeting, the Bangladesh side raised the issue of acceptance of certificate issued by the Bangladesh Standards and Testing Institution (BSTI) for accumulator batteries exported by Bangladesh.
They also talked about realisation of port charges by the Sri Lankan authority from shipping lines instead of charging the importers. The Bangladesh side also expressed concern on frequent changes of import duties on potatoes by Sri Lanka which is hurting Bangladesh's export there.
Sources said the Bangladesh side in the meeting suggested for an action plan under the SAARC Agreement on Mutual Assistance in Customs Matters between the two countries. The Sri Lankan side asked Bangladesh to send a proposal to its customs department in this regard.
Both the sides discussed the importance of promoting tourism between the two countries and decided to engage the relevant line agencies in a dialogue towards attaining the objective.
Sri Lanka requested Bangladesh to lift ban imposed on import of liquid fertiliser and bio-fertiliser and accept certificate of the Sri Lanka Standards Institution for cosmetics and insulated cables.
The volume of bilateral trade between Bangladesh and Sri Lanka is around US$70 million. In fiscal year 2013-14, Bangladesh exported goods worth nearly $28 million while imported $40 million goods.
Bangladesh's major exports to Sri Lanka include frozen food, agro-products, chemical items, raw jute, jute goods, knitwear, and woven garments.
On the other hand, imports from Sri Lanka include live animals, animal and vegetable products, animal or vegetable fats and oils and their cleavage products, prepared edible fats, animal or vegetable waxes, prepared foodstuffs, beverages, sprits and vinegar, tobacco and manufactured tobacco substitutes, mineral products, products of chemical or allied industries, plastics and articles thereof, rubber and articles thereof, raw hides and skins, leather, travel goods, and handbags.
When contacted, additional secretary of the ministry of commerce Monoj Kumar Roy expressed optimism about signing of a trade deal with Sri Lanka but stressed the need for further consultation with stakeholders.
© 2024 - All Rights with The Financial Express
