Sri Lankan envoy sees tangible results after PM Khan’s visit

He was speaking at a meeting at the Lahore Chamber of Commerce & Industry.

Sri Lankan High Commissioner said that a number of Memorandum of Understandings (MOUs) have been signed during the Pakistani Prime Minister’s visit to Sri Lanka that would pave way to boost the mutual trade and cement the economic ties.

He said that both countries have historical social, political and trade relations but mutual trade does not reflect potential of the two countries. He said that joint ventures between the private sectors of the two countries would be welcomed.

He said that both countries should avail full benefit from the Free Trade Agreement between Sri Lanka and Pakistan. He said that Pakistan should increase import of best quality Ceylon tea from Sri Lanka.

Pakistan and Sri Lanka have historically enjoyed great relations which date back to the formative years of two countries. Both the countries are also members of SAARC and continue to enjoy friendly relations. He said that despite the excellent relations, the bilateral trade volume has yet to surpass 500 million dollars, said LCCI Vice President Tahir Manzoor Chaudhry.

Tahir Manzoor Chaudhry said that in 2018, the volume of bilateral trade peaked by reaching 462 million dollars but it slipped to 389 million dollars in 2019 due to 9% decline in exports and 38% decline in imports. He said that in 2019, Pakistan’s exports to Sri Lanka were worth 324 million dollars while the imports were to the tune of 65 million dollars. He said that the exports to Sri Lanka consisted of woven fabrics of cotton, cement, potato, pharmaceuticals and maize etc. whereas the imports comprised vegetables, fibre board, natural rubber and copra etc.