Sri Lanka and Bangladesh to ink MoU to boost bilateral cooperation.
Daily FT: The Government of Sri Lanka has decided to enter into a Memorandum of Understanding (MoU) to form a Sri Lanka and Bangladesh joint advisory commission.
The objective of the pact is to strengthen and expand bilateral relations including political, economic, technical and scientific consular and cultural cooperation between the two countries. The proposed Advisory Commission will function as a mechanism to review, evaluate and explore new areas of cooperation at the level of Foreign Ministers of the two countries in all areas of existing bilateral cooperation.
The proposal to this effect presented by Foreign Affairs Minister Ali Sabry was approved by the Cabinet of Ministers recently.
Sri Lanka and Bangladesh enjoy strong bilateral and trade ties and the two countries are looking at a preferential trade agreement (PTA) to further enhance trade and cooperation between the two countries. Sri Lanka has active free trade agreements (FTAs) with India and Pakistan making it an attractive business hub in the South Asian region to engage with countries in the region. Given Sri Lanka’s expanding economic activities and resilience shown amidst an economic crisis, businesses/investors in Bangladesh could confidently explore the growing opportunities in Sri Lanka. They could also look at forming partnerships or joint ventures with local businesses given the growth and profits recorded by Sri Lanka’s private sector. Also, Sri Lanka could be used as a base to engage with other countries in the region.
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