Trade volume between Pakistan, Sri Lanka surges after FTA

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ISLAMABAD: The volume of trade between Pakistan and Sri Lanka has increased in the last few years after the signing of the free trade agreement, said Federal Minister for National Food Security and Research Sahibzada Muhammad Mehboob Sultan.

Addressing a conference on ‘Enduring Friendship between Pakistan and Sri Lanka’,  he said Pakistan is the second largest trading partner of Sri Lanka within the South Asian region. Sultan said Sri Lanka was the first country to sign a free trade agreement with Pakistan, which became operational from June 12, 2005. Around 4,000 items can be imported to Pakistan from Sri Lanka.

Sri Lanka and Pakistan have stressed the need for further increasing cooperation in health, education and other social sectors, he said, adding that the current dynamics of the international scenario place much focus on the Asian states due to their strategic positions.  Sri Lanka being the east-west sea-corridor link and Pakistan having great attraction form the world economies due to the CPEC have become the international trading hubs.

The minister further said that Sri Lanka is manufacturing 75% electricity through the hydro source and both countries have the potential to work together in the energy sector for attaining mutual benefits.

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