Strengthening Bilateral Economic and Trade Relations: Pakistan and Sri Lanka

A delegation of the Islamabad Chamber of Commerce and Industry (ICCI), led by President Sardar Tahir Mehmood, met with Sri Lankan High Commissioner Fred Senevirathne to discuss avenues for enhancing bilateral economic and trade relations. The meeting focused on revitalizing the Free Trade Agreement (FTA) between Pakistan and Sri Lanka, exploring new opportunities for trade enhancement, and promoting business-to-business exchanges.

Key Takeaways:

• The Sri Lankan High Commissioner emphasized the need to revitalize the FTA between Pakistan and Sri Lanka, proposing the establishment of secretary-level and ministerial-level dialogues to strengthen cooperation in key sectors such as pharmaceuticals, agriculture, and cutlery.
• The High Commissioner proposed the organization of a business delegation to Sri Lanka to explore opportunities in finance, agriculture, and manufacturing sectors, and encouraged ICCI to facilitate connections between Pakistani and Sri Lankan businesses.
• Sardar Tahir Mehmood, President ICCI, appreciated the High Commissioner's efforts to strengthen bilateral relations and emphasized the need to overcome existing trade barriers for mutual benefit, highlighting the potential to expand trade in the agricultural sector.
• Zafar Bakhtawari, Secretary General UBG, highlighted the historic friendship between Pakistan and Sri Lanka, recalling Sri Lanka's gesture of sending its cricket team to Pakistan when international teams had suspended tours, and expressed hope that bilateral trade volume could reach up to USD 1 billion in the near future.
• Tahir Ayub, Senior Vice President ICCI, stressed the importance of strengthening agricultural collaboration and exploring export opportunities, noting that Pakistan's economy is showing signs of improvement and emphasizing the potential for enhanced trade partnerships.
• The meeting concluded with a shared commitment to promote bilateral trade, economic cooperation, and cultural ties between Pakistan and Sri Lanka through active engagement of both the public and private sectors.

Statistics:

• Two direct flights between Karachi and Lahore have started operations, with a direct flight from Islamabad expected to launch in the near future.
• The High Commissioner emphasized the potential opportunities for trade enhancement in the finance, agriculture, and manufacturing sectors.
• Sardar Tahir Mehmood highlighted the need to overcome existing trade barriers for mutual benefit, with a focus on expanding trade in the agricultural sector, particularly in the export of potatoes and other farm products.
• Zafar Bakhtawari expressed hope that bilateral trade volume could reach up to USD 1 billion in the near future.

Sources:

• Islamabad Chamber of Commerce and Industry (ICCI)
• Sri Lankan High Commission to Pakistan