Economic Reporter :
Bangladesh and Sri Lanka have agreed to sign free trade agreement (FTA) to boost bilateral trade.
The decision came from the fifth meeting of Bangladesh-Sri Lanka Joint Economic Commission (JEC) held at Colombo Nov 9, said an official release received here on Thursday.
Speaking on the issue, Commerce Minister Tofail Ahmed said bilateral trade between the two countries would enter a new era after signing of the FTA.
“Bangladesh-Sri Lanka trade didn’t get the expected momentum only for FTA despite having huge potential. This decision would eliminate all barriers,” he said.
Announcing the decision of signing the FTA at the end of the 5th JEC, Tofail Ahmed said Sri Lanka could import RMG, pharmaceuticals, cement, paper and other products at low price after the FTA.
Tofail Ahmed and Sri Lankan Commerce Minister Rishad Bathiudeen signed the working paper of the JEC.
Both the South Asian countries have realized that the trade volume did not increase as expected and this realization has prompted them to consider effective measures including FTA. In FY16, Bangladesh and Sri Lanka had $ 76 million trade, of which Bangladeshi export volume was $ 30.45 million against import figure of $ 45 million.
Bangladesh and Sri Lanka have agreed to sign free trade agreement (FTA) to boost bilateral trade.
The decision came from the fifth meeting of Bangladesh-Sri Lanka Joint Economic Commission (JEC) held at Colombo Nov 9, said an official release received here on Thursday.
Speaking on the issue, Commerce Minister Tofail Ahmed said bilateral trade between the two countries would enter a new era after signing of the FTA.
“Bangladesh-Sri Lanka trade didn’t get the expected momentum only for FTA despite having huge potential. This decision would eliminate all barriers,” he said.
Announcing the decision of signing the FTA at the end of the 5th JEC, Tofail Ahmed said Sri Lanka could import RMG, pharmaceuticals, cement, paper and other products at low price after the FTA.
Tofail Ahmed and Sri Lankan Commerce Minister Rishad Bathiudeen signed the working paper of the JEC.
Both the South Asian countries have realized that the trade volume did not increase as expected and this realization has prompted them to consider effective measures including FTA. In FY16, Bangladesh and Sri Lanka had $ 76 million trade, of which Bangladeshi export volume was $ 30.45 million against import figure of $ 45 million.
