Sri Lanka calls for revisiting FTA

 Sri Lanka calls for revisiting FTA

Despite 75 years of cordial diplomatic relations and a Free Trade Agreement (FTA) in place since 2005, Sri Lanka's consul general, Jagath Abeywarna, noted that the amount of trade between Sri Lanka and Pakistan is still "insignificant," at US $440 million, because of certain obstacles.

Sri Lankan exports stayed at $80 million, whereas Pakistan's exports to Sri Lanka were $360 million. The Free commerce Agreement (FTA) needs to be reexamined in order to improve commerce, and a system for easing trade between exporters and importers of both nations that are severely short on foreign exchange needs to be developed. During his visit to the Karachi Chamber of Commerce and Industry (KCCI), he stated, "We have to support each other as we are both going through a difficult economic situation."

Pakistan was Sri Lanka's top customer for goods, especially Ceylon tea, which is now no longer exported there because Pakistani importers are now acquiring tea from Kenya and other nations, he said.

He emphasized that in order to accomplish the shared objective of stronger commercial relations, cooperation between the private sectors via attendance at trade shows and frequent exchanges of trade delegations is crucial. "Many industries, such as those that Sri Lanka imports, such as leather, textiles, and medicines, can foster trade between the two nations. In addition, we are able to supply Pakistan with agricultural products, false ceilings, cosmetics, rubber-based goods, and building materials," he continued.