“I congratulate members of both teams for this successful effort. It is plainly evident now that you have had intensive discussions and preparations during these two days” said a satisfied Rishad Bathiudeen, Minister of Industry and Commerce of Sri Lanka Tuesday.
Minister Bathiudeen was addressing the six member Bangladeshi official trade delegation led by Manoj Kumar Roy, Additional Secretary (FTA), Ministry of Commerce of Bangladesh on Tuesday (23) at the concluding session of two day bilateral sessions at the Ministry of Industry and Commerce.
On the occasion, the mutually agreed minutes were inked by RDS Kumararatne, DG-Department of Commerce of Sri Lanka and Bangladeshi Additional Secretary Kumar Roy in the presence of Minister Bathiudeen, Anura Siriwardena, Secretary, Ministry of Industry and Commerce, FM Borhan Uddin, Acting High Commissioner, High Commission of Bangladesh, Colombo as well as delegation members of both sides.
According to the Department of Commerce of Sri Lanka, bilateral trade between both countries jumped by a strong 67% in 2013 to $ 139.23 Mn (from 2012’s $ 83.19 Mn). Sri Lanka’s leading exports to Bangladesh in 2013 were apparel (cotton, fabrics, Narrow woven fabrics and other articles of apparel) and enzymes. Leading imports from Bangladesh in 2013 were medicament's, apparel, electric accumulators, and potatoes.
Minister Bathiudeen said ”RDS Kumararatne, Director General of my Department of Commerce has now briefed me that your officials will return to Bangladesh and after some more deliberations, would inform us as to the exact nature of the Agreement Bangladesh wants-whether a Preferential Trade Agreement (PTA) or a Free Trade Agreement (FTA). Whatever the form, our government led by President Mahinda Rajapaksa would be positive on the requirements that you have. It is now time to move beyond current trade levels.”
“We have had strong progress during these two days. We thank you for the levels of support we received. There is no doubts whatsoever that both countries will be renewing trade in a big way” said Bangladeshi Additional Secretary Kumar Roy, responding to Minister Bathiudeen.
If Bangladesh-Sri Lanka FTA is realised, it will be the first ever FTA for Bangladesh, whose GDP stands at $140B. As for Sri Lanka, it would open a single entry point for an important regional economic corridor-the BCIM economic corridor (Bangladesh, China, India, and Myanmar corridor) - giving it the much needed strategic trade connectivity to Myanmar, Eastern Indian ‘continent’ and more importantly, a faster jump-off point to the ASEAN markets. In the Joint Statement issued by the leaders of both countries during the State visit of Sri Lankan President Mahinda Rajapaksa, to Bangladesh from 18 – 20 April, 2011, the need of enhancing bi-lateral trade relations between the two countries was emphasized.
The first meeting of the Bangladesh-Sri Lanka Joint Working Group (JWG) on Trade was held in Dhaka in February 2014. For the latest talks in Colombo, the Bangladeshi team is joined by FM Borhan Uddin, Acting High Commissioner of Bangladesh in Colombo. Sri Lankan team was led by Anura Siriwardena, Secretary, Ministry of Industry and Commerce and consisted of RDS Kumararatne, DG-Department of Commerce and DoC officials, as well as reps from Sri Lanka Standards Institution, Ministry of Economic Development and Tourist Board, Department of Trade and Investment Policy, Department of Customs, and the EDB.(KH)
