Bangladesh and Sri Lanka expedite PTA negotiations
The Financial Express: Dhaka and Colombo have stressed accelerating negotiations over signing the preferential trade agreement (PTA) at the earliest to unlock the untapped potential of bilateral trade between Bangladesh and Sri Lanka.
The intention was observed when Sri Lankan High Commissioner to Bangladesh Dharmapala Weerakkody met Foreign Secretary Jashim Uddin at the Foreign Ministry in Dhaka on Tuesday (29).
During the meeting, the foreign secretary outlined the reform initiatives and priorities of the interim government aimed at ensuring free, fair and participatory elections.
While taking stock of the pending agreements and memorandum of understandings (MoUs) between the two countries, both sides stressed the importance of finalising agreements on coastal shipping, avoidance of double taxation, and mutual administrative assistance in customs matters.
They underscored the need for holding Foreign Office Consultations between Bangladesh and Sri Lanka to discuss the entire gamut of bilateral relations.
The High Commissioner mentioned that Sri Lanka would propose dates for the next Foreign Office Consultations after the parliamentary elections in Sri Lanka set to take place on 14 November.
Both sides agreed on working closely at SAARC, BIMSTEC and other regional and multilateral fora.
OSL take:
Sri Lanka is in the process of further strengthening and expanding its trade ties with other countries. This programmes also includes the review of some trade agreements already in place. Sri Lanka’s strategic positioning in the Indian Ocean, the ongoing economic activities and the target of becoming a hub in the South Asian region have all poised Sri Lanka as an emerging trading hub in the region. The country’s economic resilience, the growth recorded by many key economic sectors and the expanding business/investment opportunities have all underscored the need for Sri Lanka to strengthen the trade agreements as well as trade concessions enjoyed with other countries. Given all these developments, foreign businesses/investors could explore the growing opportunities in Sri Lanka and look at set up bases in Sri Lanka to engage with other countries in the region using the preferential treatments enjoyed by Sri Lanka with other countries. Sri Lanka is becoming a strong trader in the South Asian region with the country already having two operational free trade agreements (FTAs) with India and Pakistan. Now with a PTA being explored with Bangladesh, Sri Lanka will possess trade ties with the three largest economies in the South Asian region.
| Article Code : | VBS/AT/20241018/Z_1 |