BD, Sri Lanka make progress for FTA

Bangladesh and Sri Lanka have completed substantial progress to strike a deal between the two countries on free trade agreement (FTA).

Sri Lankan Industry and Commerce Minister Bathiudeen told International Chamber of Commerce-Bangladesh (ICCB) President Mahbubur Rahman when he met him at his office in Colombo, Sri Lanka said an ICC press release on Wednesday, reports BSS.

During the meeting, Mahbubur Rahman assured the minister of extending possible cooperation from the private sector.

"I will brief our commerce minister and request him to expedite the FTA process for expanding trade between the two countries," the ICCB chief told the Sri Lankan minister.

Replying to the ICCB President, the Sri Lankan Minister said : "Department of Commerce has already completed the trade agreement study report on our side and both parties have now exchanged their respective reports."

"We are ready for the nature of agreement that you look forward to-whether a Preferential Trade Agreement (PTA) or a FTA," Bathiudeen added.

Sri Lanka and Bangladesh inked their second bilateral joint Working Session in Colombo on September 23 and came to a consensus on creating a prospective trade agreement between the historic partners, but stopped short of the exact nature of the trade agreement to be reached 'for a while'.

Bangladesh was the 25th export destination of Sri Lanka in 2013. Bilateral trade between the two countries was jumped by 67 per cent in 2013 to US$ 139.23 million from $83.19 million in 2012.

Mahbubur Rahman attended the Asia Pacific Business Forum of UNESCAP held in Colombo on November 25-27 and led a four-member delegation.

Vice Chairman of Newage Group and former DCCI president Asif Ibrahim, Secretary General of ICCB Ataur Rahman and Managing Director of ETBL Securities Limited and Executive Board Member of DCCI Rizwan-ur Rahman were in the delegation.

Mahbubur Rahman and Asif Ibrahim also attended the eighth meeting of the Business Advisory Council of UNESCAP.