Wednesday, 24th September 2014
Sri Lanka and Bangladesh successfully inked their second bilateral Joint Working Session on September 23 in Colombo, but decided to hold back on the exact nature of the Trade Agreement to be reached ‘for a while’. “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 Industry and Commerce Minister Rishad Bathiudeen.
Minister Bathiudeen was addressing a six member Bangladeshi official trade delegation led by Manoj Kumar Roy (Additional Secretary, (FTA), Ministry of Commerce of Bangladesh) at the concluding session of the two day bilateral sessions at the Ministry of Industry and Commerce.
On the occasion, the mutually agreed minutes were inked by R.D.S. 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 of Bangladesh in Colombo) and 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 apparel, electric accumulators, and potatoes.
Minister Bathiudeen further said that officials would return to Bangladesh for more deliberations and 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 President Mahinda Rajapaksa would be positive on the requirements. It is now time to move beyond current trade levels,” he said.
“We have made 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 the 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 His Excellency Mahinda Rajapaksa, President of Sri Lanka 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.
