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Pakistan & Bangladesh Expands Trade with Sri Lanka
Pakistan Sri Lanka Talks on FTA, CEPA from April 29
Pakistan and Sri Lanka are holding fifth round of Commerce Secretary level talks on Free Trade Agreement (FTA) and Comprehensive Economic Partnership Agreement (CEPA) on April 29-30 in Islamabad. The sources said both sides will discuss different issues in the talks which were raised during technical level talks on 17-18 August 2011 in Colombo.
According to sources, Sri Lanka had agreed in principle to a proposal from Pakistan on carrying forward 325 MT of unutilised Basmati rice quota for allocation of 6,000 MT Basmati rice to the private sector.
Sri Lanka also expressed concern over the increased tariff imposed on import of betel leaves due to which its exports have been decreased. Pakistan side agreed to restore the preferential margin enjoyed by Sri Lankan exporters at the initial stage, ie, Rs 130Kg. Commerce Secretary is expected to apprise his Sri Lankan counterpart that tariff concession to betel leaves increased from 20 to 35% on April 3, 2013.
Another issue raised by the Sri Lankan side was that the Government of Pakistan would provide market access for bottle cooling machines with an MOP of 50%. Pakistani side agreed to implement it and this has been accommodated. On classification of customs co-operation and classification of goods, both sides expressed their willingness to enhance co-operation in matters related to customs and classification of goods; and agreed to identify their respective local persons for the purpose of enhancing co-operation in customs related matters including training.
FBR has requested to exchange focal person contact detail and workout modalities for resolution of classification disputes as decided in the subject meeting. FBR may apprise the meeting of status of the implementation. Sri Lankan side pointed out that 30 tariff lines which were originally in the NCL of Pakistan have been removed. Thirty-three new tariff lines have been included in the new NCL. There are a number of HS codes repeated in the current SRO.
Ministry of Commerce in consultation with FBR has identified the following anomalies: (i) The contention is correct to the extent of only one item. In the rest of 29 items, only PCT has been changed due to tariff transposition from HS-02to HS-07 with no change in description of items.
Both sides have also been agreed that Pakistan will remove crude coconut oil from its No Concession list and phase out respective tariff in two annual instalments. The decision has been implemented in an SRO issued on April 3, 2013.
Technical experts agreed that 50% MOP concession granted from herbal cosmetics be extended to herbal hair oils as the particular products fall within HS code 3305.90.
Ministry of Commerce requested FBR to clarify the field formation/custom authorities that herbal hair oil falls in HS Code 3305.90, which is entitled to 50% MOP concession. FBR has apprised the relevant stakeholders on the implementation status.
Pakistan requested for classification of Onyx products as handicrafts. Sri Lanka agreed to look into this, however, requested samples or photographs of the products for identification. Ministry of Industries has updated about the status. Market access for mosquito repellant coils (HS 3808.91) exported by Sri Lanka has been added into the new "No Concern List". Now mosquito repellant coil has been removed from No Concession List of Pakistan Sri Lanka will share fresh document with their observation within 6 weeks.
Talks with Sri Lanka on FTA, CEPA from April 29 | Business Recorder
Bangladesh mulls FTA with Sri Lanka
Bangladesh is tipped to sign a Free Trade Agreement with Sri Lanka to strengthen bilateral trade between the two nations, according to visiting Bangladesh Foreign Secretary Ambassador, Mohammed Shahidul Haque.
“We are extremely optimistic over Sri Lanka’s prospects. Bangladesh agrees in principle to start discussions and explore on all possibilities to strengthen trade with Sri Lanka; including a Free Trade Agreement.
“We believe that bilateral tariffs are very high. If an FTA with Sri Lanka is finalised, it will be Bangladesh’ first ever FTA with any country. A Joint Working Group on Trade is now in order” Haque said.
He made these comments during a meeting at the Industry and Commerce Ministry between a sixmember delegation from Bangladesh and Minister Rishad Bathiudeen and other senior officials.
“The US$ 83 million bilateral trade volume indicates strong and unrealised trade potential between both countries. We too are looking forward to an FTA with Bangladesh, perhaps starting with a Preferential Trade Agreement (PTA).
“To this end, a Joint Working Group on Trade by both countries can speed up the process. We also invite Bangladesh state and private sector investors to Sri Lanka. More than US$ 292 million of Sri Lankan investments by 45 Lankan companies are now in Bangladesh but Bangladeshi investments in Sri Lanka are comparatively low,” Minister Bathiudeen noted.
Sri Lanka’s pharmaceutical sector was highlighted by both parties during the meeting as another potential investment area. According to the Department of Commerce of Sri Lanka, bilateral trade between Sri Lanka and Bangladesh has seen improvements during the last 4-5 years.
The total bilateral trade which was at US $ 48.14 million in 2010 has jumped by a strong 73 percent in 2012 to US $ 83.19 million, showing a rapid rise in business between the two historically-friendly nations.
In 2012, among the top Lankan exports to Bangladesh were Fabrics (47 percent of exports consisting of Cotton, Knitted or crocheted fabrics), enzymes (11 percent), petroleum oils & oils obtained from bituminous minerals other than crude (7 percent), and narrow woven fabrics among others.
About 15000 Sri Lankans are currently employed in Bangladesh and 45 Sri Lankan firms have invested US $ 292 million in the country in various ventures.
Bangladesh mulls FTA with Sri Lanka | Economy
Pakistan Sri Lanka Talks on FTA, CEPA from April 29
Pakistan and Sri Lanka are holding fifth round of Commerce Secretary level talks on Free Trade Agreement (FTA) and Comprehensive Economic Partnership Agreement (CEPA) on April 29-30 in Islamabad. The sources said both sides will discuss different issues in the talks which were raised during technical level talks on 17-18 August 2011 in Colombo.
According to sources, Sri Lanka had agreed in principle to a proposal from Pakistan on carrying forward 325 MT of unutilised Basmati rice quota for allocation of 6,000 MT Basmati rice to the private sector.
Sri Lanka also expressed concern over the increased tariff imposed on import of betel leaves due to which its exports have been decreased. Pakistan side agreed to restore the preferential margin enjoyed by Sri Lankan exporters at the initial stage, ie, Rs 130Kg. Commerce Secretary is expected to apprise his Sri Lankan counterpart that tariff concession to betel leaves increased from 20 to 35% on April 3, 2013.
Another issue raised by the Sri Lankan side was that the Government of Pakistan would provide market access for bottle cooling machines with an MOP of 50%. Pakistani side agreed to implement it and this has been accommodated. On classification of customs co-operation and classification of goods, both sides expressed their willingness to enhance co-operation in matters related to customs and classification of goods; and agreed to identify their respective local persons for the purpose of enhancing co-operation in customs related matters including training.
FBR has requested to exchange focal person contact detail and workout modalities for resolution of classification disputes as decided in the subject meeting. FBR may apprise the meeting of status of the implementation. Sri Lankan side pointed out that 30 tariff lines which were originally in the NCL of Pakistan have been removed. Thirty-three new tariff lines have been included in the new NCL. There are a number of HS codes repeated in the current SRO.
Ministry of Commerce in consultation with FBR has identified the following anomalies: (i) The contention is correct to the extent of only one item. In the rest of 29 items, only PCT has been changed due to tariff transposition from HS-02to HS-07 with no change in description of items.
Both sides have also been agreed that Pakistan will remove crude coconut oil from its No Concession list and phase out respective tariff in two annual instalments. The decision has been implemented in an SRO issued on April 3, 2013.
Technical experts agreed that 50% MOP concession granted from herbal cosmetics be extended to herbal hair oils as the particular products fall within HS code 3305.90.
Ministry of Commerce requested FBR to clarify the field formation/custom authorities that herbal hair oil falls in HS Code 3305.90, which is entitled to 50% MOP concession. FBR has apprised the relevant stakeholders on the implementation status.
Pakistan requested for classification of Onyx products as handicrafts. Sri Lanka agreed to look into this, however, requested samples or photographs of the products for identification. Ministry of Industries has updated about the status. Market access for mosquito repellant coils (HS 3808.91) exported by Sri Lanka has been added into the new "No Concern List". Now mosquito repellant coil has been removed from No Concession List of Pakistan Sri Lanka will share fresh document with their observation within 6 weeks.
Talks with Sri Lanka on FTA, CEPA from April 29 | Business Recorder
Bangladesh mulls FTA with Sri Lanka
Bangladesh is tipped to sign a Free Trade Agreement with Sri Lanka to strengthen bilateral trade between the two nations, according to visiting Bangladesh Foreign Secretary Ambassador, Mohammed Shahidul Haque.
“We are extremely optimistic over Sri Lanka’s prospects. Bangladesh agrees in principle to start discussions and explore on all possibilities to strengthen trade with Sri Lanka; including a Free Trade Agreement.
“We believe that bilateral tariffs are very high. If an FTA with Sri Lanka is finalised, it will be Bangladesh’ first ever FTA with any country. A Joint Working Group on Trade is now in order” Haque said.
He made these comments during a meeting at the Industry and Commerce Ministry between a sixmember delegation from Bangladesh and Minister Rishad Bathiudeen and other senior officials.
“The US$ 83 million bilateral trade volume indicates strong and unrealised trade potential between both countries. We too are looking forward to an FTA with Bangladesh, perhaps starting with a Preferential Trade Agreement (PTA).
“To this end, a Joint Working Group on Trade by both countries can speed up the process. We also invite Bangladesh state and private sector investors to Sri Lanka. More than US$ 292 million of Sri Lankan investments by 45 Lankan companies are now in Bangladesh but Bangladeshi investments in Sri Lanka are comparatively low,” Minister Bathiudeen noted.
Sri Lanka’s pharmaceutical sector was highlighted by both parties during the meeting as another potential investment area. According to the Department of Commerce of Sri Lanka, bilateral trade between Sri Lanka and Bangladesh has seen improvements during the last 4-5 years.
The total bilateral trade which was at US $ 48.14 million in 2010 has jumped by a strong 73 percent in 2012 to US $ 83.19 million, showing a rapid rise in business between the two historically-friendly nations.
In 2012, among the top Lankan exports to Bangladesh were Fabrics (47 percent of exports consisting of Cotton, Knitted or crocheted fabrics), enzymes (11 percent), petroleum oils & oils obtained from bituminous minerals other than crude (7 percent), and narrow woven fabrics among others.
About 15000 Sri Lankans are currently employed in Bangladesh and 45 Sri Lankan firms have invested US $ 292 million in the country in various ventures.
Bangladesh mulls FTA with Sri Lanka | Economy
