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The Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) and the Federation of Nepali's Chambers of Commerce and Industry (FNCCI) recently reached an agreement to form a Joint Economic Council (JEC) to promote bilateral trade and joint ventures between the two countries.

Macky Hashim, President FCCISL and Ravi Bhakta Shrestha, President FNCCI, in the presence of Sri Lankan envoy Pamela Jayasekera Deen and Purshotam Ojha, Joint Secretary for the Ministry of Industry, Commerce and Supply of Nepal signed the agreement.

Nihal Abeysekara, Snr. Vice President FCCISL, Nawaz Rajabdeen, Vice President FCCISL, and Suraj Vaidya, Vice President FNCCI, and members from both Federations were present.

The agreement has a provision of having six members each from the two Federations and the Presidency of the Council will be carried out alternatively by the Presidents of the two Federations. The Joint Economic Council will also have a post of a co-president.

The Joint Council will make recommendations to enhance economic cooperation between the two countries. It will also identify the areas for joint investment and provide suggestions for relating industries.

According to the agreement the Council will collect information on the policies adopted by the two countries; existing structure and system of taxing and other related issues.

It will also exchange information on areas relating to economy,trade and service. It will also encourage entrepreneurs to host trade exhibitions, exchange of visits by industrialists and technology export as well as organise training workshops and seminars on matters accepted by both parties.

"The JEC will enhance and strengthen bilateral economic ties of the two countries. It will encourage, promote and facilitate effective cooperation with regard to trade, economic and industrial activities between Nepal and Sri Lanka" FCCISL's President Mr. Hashim said.

He said that the JEC is another significant step taken by FCCISL to open new vistas for cooperation between Sri Lanka and Nepal, in the public and the private sectors. 

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