Sri Lanka seeks to expand trade ties with Pakistan following Pakistani Premier’s visit
Sri Lankan High Commissioner to Pakistan Mohan Wijewickrama has reportedly stated that Sri Lanka and Pakistan are looking at expanding trade ties in the wake of a visit by Pakistani Prime Minister Imran Khan to Sri Lanka last month.
The Sri Lankan envoy has reportedly stated that the two countries are exploring the possibility of making greater use of a free trade agreement (FTA).
Wijewickrama had met the Lahore Chamber of Commerce and Industry (LCCI) and said the current trade ties did not reflect the longstanding historical links.
Wijewickrama had further invited Lahore to set up joint ventures and import more Sri Lanka tea.
LCCI Vice President Tahir Manzoor Chaudhry has been quoted as saying in the local media that Pakistan and Sri Lanka had enjoyed strong relations historically, which dated back to the years when the two countries were created.
In 2018, bilateral trade had peaked at US$ 462 million and it had slipped to US$ 389 million in 2019.
In 2019, Pakistan’s exports to Sri Lanka were worth US$ 324 million while its imports were worth US$ 65 million.
“We hope that the recent visit of the prime minister of Pakistan to Sri Lanka can turn into a strategic partnership,” Chaudhry was quoted as saying.
During meetings between the two prime ministers areas including tourism, education, defence, information technology and investment were discussed.
OSL take:
Sri Lanka enjoys strong bilateral and trade ties with many countries, especially in the Asian region. The agreement between Sri Lanka and Pakistan to expand trade ties would enable Pakistani businesses/investors to explore business/investment opportunities in the island while also looking at forming partnerships/joint ventures with local entities. Also, other foreign businesses/investors interested in doing business with Pakistan could explore the possibility of setting up base in Sri Lanka to engage with Pakistan.
Article Code : | VBS/AT/20210315/Z_8 |