Commerce Minister Makhdoom Amin Fahim on Tuesday said that Pakistan gives great importance to business relations with Sri Lanka as there is a tremendous opportunity for trade between the two countries. He stated this in a meeting with Sri Lankan counterpart Rishad Bathiyutheen during his visit to Sri Lanka.
Pak-Sri Lankan bilateral relations, mutual cooperation with special reference to trade and other related matters were discussed during the meeting. He said that Sri Lanka was the first country with which Pakistan signed a Free Trade Agreement (FTA) and positive steps should be taken to enhance trade. Sri Lankan Minister for Industry and Commerce said that a Sri Lankan business delegation would soon visit Pakistan to establish direct linkages with Pakistani businessmen in order to enhance trade amongst the two countries.
Pakistan’s High Commissioner to Sri Lanka Seema Illahi Baloch was also present during the meeting. President Zardari during his visit to Sri Lanka in July had offered assistance in the cement, sugar and dairy industry and had called for exploring a new and unconventional phase of economic cooperation between the two countries. The currency swap agreement was thus proposed to reduce pressure on the foreign exchange reserves of the two countries. Frequent people-to-people contact is key in order to further cement ties between Pakistan and Sri Lanka—two valued members of the SAARC region whose relation has been source of constant strength for each other. The volume of bilateral trade between Pakistan and Sri Lanka has increased to $250 million in favour of Pakistan. Sri Lanka and Pakistan look forward to double trade numbers between the two countries from Rs28 billion to Rs55.5 billion by 2015.