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By Channa Kasturisinghe

The signing of a Memorandum of Understanding (MoU) between the two apex Federation of Chambers of Commerce of Sri Lanka and Nepal would strengthen trade ties between the two countries enabling both countries to identify the areas of industries and services viable for cooperative ventures.

"Nepal would consider Colombo as its transhipment port instead of Singapore in the future," said President of the Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL), Macky Hashim, who returned to Sri Lanka after attending a successful Annual General Meeting of the SAARC Chambers of Commerce and Industries in Kathmandu.

"Nepal has a lot of import and export items and their decision to use the services of the Colombo Port would benefit our country immensely. We also discussed the possibilities of operating private airlines between the two countries. This would enhance trade opportunities between the two countries," Mr. Hashim said.

The FCCISL and the Federation of the Nepal Chamber of Commerce and Industry (FNCCI) signed the agreement to form the Joint Economic Council (JEC) last week. Mr. Hashim said it would enable the two countries to take specific measures to promote close economic cooperation.

Mr. Hashim was appointed Senior President of the SAARC Chambers of Commerce and Industries at the Annual General Meeting in Kathmandu. Subsequently, Sri Lanka will hold the Presidency of the Chamber in 2004.

Mr. Hashim said several important decisions were taken at the AGM of the SAARC Chambers of Commerce and industry with regard to the promotion of trade opportunities among the seven participating countries.

"Among the most important matters discussed were the movement of goods and people within the region and free trade arrangements. We have been able to formulate a set of arbitration rules to settle trade disputes in SAARC countries.

Usually, to settle trade disputes the countries in the region have to seek the arbitration services in London, Paris or Singapore which is a costly affair. We have formulated our own arbitration rules to settle disputes within our region. We will present the set of rules for the approval of the seven countries in the near future," Mr. Hashim said.

He said promoting tourism in the region and increasing investment opportunities among SAARC countries were also discussed at the meeting. 

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