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Sri Lanka & Bangladesh In Trade Talks After 19 Years Lapse

Discussion in 'Bangladesh Defence Forum' started by Lankan Ranger, Mar 7, 2012.

  1. Lankan Ranger

    Lankan Ranger ELITE MEMBER

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    Sri Lanka & Bangladesh In Trade Talks After 19 Years Lapse

    Sri Lanka – Bangladesh trade topped an all-time high of $US45 Million, the latest round of Sri Lanka-Bangladesh Joint Commission on Economic and Technical Co-operation (JT&EC) will commence in Dhaka, Bangladesh.

    “Last year both Mahinda Rajapaksa, the President of Sri Lanka and Sheikh Hasina, Prime Minister of Bangladesh agreed that the JE&TC should be revived” said Rishad Bathiudeen, Minister of Industry and Commerce of Sri Lanka, prior to his departure to Dhaka on 05 March.

    “The decision is now implemented as the fourth session commences this week” he said.

    The previous JEC, the third session, was held in 1993.

    Minister Bathiudeen is leading the Sri Lankan national delegation to Dhaka sessions of 7-8 March.

    During the visit of Mahinda Rajapaksa, the President to Dhaka in April 2011, both countries recognized that the Bangladesh Sri-Lanka Joint Economic Commission as an effective mechanism to further enhance bilateral cooperation between the two countries and agreed that the fourth session of the Joint Economic Commission should be held ‘as soon as possible.’

    Both sides agreed that the bilateral trade between Bangladesh and Sri Lanka, though showing positive trends, was far below the potential and did not reflect the cordial political relations. It was agreed that the two countries would undertake measures for trade facilitation including identification and removal of non-tariff barriers and simplification and harmonization of mutually recognized standards.

    According to the Department of Commerce of Sri Lanka, Sri Lanka's exports to Bangladesh have shown a healthy and steady growth during the 8 years that ended in 2010. The total value exports in 2010 stood at US$ 35.54 Mn, showing a 36% growth compared to 2009. In 2011, it topped 46.32 Mn while imports in the same year registering 24 Mn thereby showing a positive trade balance for Sri Lanka.

    Sri Lanka’s major exports to Bangladesh were dyed woven fabric of cotton, articles of plastics, narrow woven fabric with rubber thread, enzymes, coral and similar materials, petroleum oils and oils obtained from bituminous minerals, dye carriers, Trailers and semi-trailers, and printed paper.

    Minister Rishad in Dhaka - fourth bilateral sessions start today | Asian Tribune