The Pakistan Sri Lanka Joint Economic Commission (JEC) meeting begun here Monday with an aim to review bilateral trade and explore possibilities to tap existing potential between the two countries.
The Pakistani side is led by Minister of State for Economic Affairs, Hina Rabbani Khar while Minister for Industries and Commerce, Sri Lanka, Rishad Bathiudeen is leading an 11 member delegation of his country in the 10th session of JEC.
The JEC session would conclude on Tuesday, July 5 and a joint communique would also be issued on the occasion regarding the progress and decisions made during JEC session.
Speaking at the inaugural session of the session, State Minister for Economic Affairs, Hina Rabbani Khar said that both Sri Lanka and Pakistan have a huge potential which needs to be harnessed to boost bilateral trade.
Khar said that it was due to increased contacts between the two countries that bilateral trade had reached to $338 million.
She, however, stressed the need for further enhancing bilateral relations and holding of regular meetings between the two countries at short intervals to further boost trade.
Speaking on the occasion, Rishad Bathiudeen said that Pakistan and Sri Lanka were enjoying close geographical, historic and cultural relations which needed to be further enhanced. He highlighted the need for continued efforts to enhance trade between the two countries and added that the private sector of both countries has a crucial role to play in this regard.
Bathiudeen said that Sri Lanka was now a peaceful and stable country and was witnessing fast economic growth, however he added that bilateral trade between
Pakistan and Sri Lanka was not at its
available potential.
It is pertinent to mention here that the current session of JEC would focus to review progress on decisions made at in the last session held at Colombo and to improve economic and commercial ties between the two counties.
During two-day celebrations, the two sides would review bilateral trade which at present is to the tune of $338 million besides discussing sectoral alliances on Pakistan trade bodies with Sri-Lankan counterparts.
The JEC would also dilate upon issues relating to specific items such as tariff on Beatle leaves, export of coconut oil and copra, quota for basmati rice by Sri Lanka, access for
Pakistani mangoes and packed paper tissues along with tariff issues on some agriculture products in Pakistan.
Both the sides would negotiate details of a $200 million credit facility offered by Pakistan during the visit of Pakistan’s president to Sri-Lanka in November 2010.
The session would discuss the offer of services and expertise by Heavy Mechanical Complex on part of Pakistan for the establishment of sugar and cement plants, grinding and packing plants in Sri Lanka for utilisation of the aforesaid credit line.
Discussion for extending expertise of Pakistan Engineering Company and State Engineering Corporation to Sri Lanka would also come up in the meeting, while both sides are scheduled to discuss cooperation in the field of space technology, robotics and microeconomics through the Ministry of Science and Technology in Pakistan.
Pakistan would seek assistance of Sri Lanka in the field of training the nursing staff in cardiology, neurology and psychiatry.
The session is also scheduled to discuss the MoU signed between the two countries in the field of Agriculture Cooperation on November 28, 2010 in order to strengthen collaboration in agriculture, food processing and fisheries.
To boost trade, the possibility of establishing direct shipping service between the two counties would also be explored.
The leader of JEC is also scheduled to hold a number of sideline meetings with Minister for Industries, Minister for Commerce and Trade and President of Pakistan Chambers of Commerce and Industries.
In the sideline meetings, bilateral economic and commercial relations in the respective fields will be discussed.