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International trade

Strengthening Bilateral Trade and Cooperation between Pakistan and Sri Lanka

Strategic Insights

— 2 min read

A delegation from the Islamabad Chamber of Commerce and Industry (ICCI) held a meeting with Sri Lankan High Commissioner Fred Senevirathne, discussing ways to strengthen bilateral trade and cooperation between the two countries. Following Sri Lanka's economic crisis, Ambassador Senevirathne briefed the delegation on the country's recent developments, emphasizing the need to revitalise the Free Trade Agreement (FTA) between Pakistan and Sri Lanka. The high commissioner proposed secretary-level and ministerial-level dialogues to enhance cooperation, particularly in the pharmaceutical, agriculture, potato, rice, and cutlery sectors. He also encouraged ICCI to organise a business delegation to Sri Lanka to explore new opportunities in the finance, agriculture, and manufacturing sectors.

Key Takeaways:

  • The Sri Lankan High Commission aims to strengthen bilateral trade and economic cooperation between Pakistan and Sri Lanka through active engagement of both the public and private sectors.
  • Ambassador Fred Senevirathne proposed the establishment of secretary-level and ministerial-level dialogues to enhance cooperation in sectors such as pharmaceuticals, agriculture, potatoes, rice, and cutlery.
  • ICCI President Sardar Tahir Mehmood emphasized the need to overcome existing trade barriers between the two countries for mutual benefit.
  • The high commissioner assured the ICCI delegation that the Sri Lankan High Commission would facilitate connections between Pakistani and Sri Lankan businesses and promote B2B, cultural, and political exchanges.
  • Sri Lanka's new government has implemented anti-corruption measures and economic reforms, stabilizing the country's economic and political situation.
  • ICCI Senior Vice President Tahir Ayub highlighted the importance of strengthening agricultural collaboration and exploring export opportunities between Pakistan and Sri Lanka.
  • The ICCI delegation invited the high commissioner to visit the Islamabad Chamber of Commerce and Industry to meet Pakistani entrepreneurs and explore joint ventures.
  • United Business Group's Secretary-General Zafar Bakhtawari expressed hope that bilateral trade volume between Pakistan and Sri Lanka could reach up to $1 billion in the near future.

Statistics:

  • Sri Lanka's economic crisis was compounded by the 2019 Easter bombings, the COVID-19 pandemic, and governance issues.
  • The country has now stabilised, with the new government's anti-corruption measures and economic reforms.
  • Sri Lanka's political and economic conditions are improving.
  • A direct flight between Islamabad and Colombo is to be launched in the near future.
  • Direct flights between Karachi-Colombo and Lahore-Colombo have already started operations.
  • The bilateral trade volume between Pakistan and Sri Lanka is expected to reach up to $1 billion in the near future.

Sources:

  • Islamabad Chamber of Commerce and Industry (ICCI)
  • Sri Lankan High Commission in Pakistan
  • United Business Group
  • Ambassador Fred Senevirathne, Sri Lankan High Commissioner to Pakistan
  • Sardar Tahir Mehmood, ICCI President
  • Tahir Ayub, ICCI Senior Vice President
  • Zafar Bakhtawari, Secretary-General of United Business Group

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