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Pakistan's Minister of Commerce, Industries and Production Abdul Razak Dawood will be in Sri Lanka from October 3 to 5 along with a trade delegation to finalise the Free Trade Agreement (FTA) between the two countries.

The Pakistani Minister earlier visited the country for bilateral trade talks which was followed by Pakistani President Pervez Musharaff 's visit when the two countries signed the framework agreement of the FTA.

Pakistan is the second largest trading partner of Sri Lanka in the SAARC region. The Sri Lankan Government expects the FTA to help Sri Lanka to increase exports to Pakistan by reducing the existing trade deficit between the two countries which at present is not in favour of Sri Lanka. The total value of trade between the two countries stood at Rs. 8,781 million in 2001. In 2001 Sri Lanka's imports from Pakistan amounted to Rs. 6,596.5 million while Sri Lanka's exports to Pakistan stood at Rs. 2,184.6 million resulting in trade deficit of Rs. 4,411.9 million.

Technical Consultations on the proposed Free Trade Agreement between Sri Lanka and Pakistan were held in Colombo in April this year. The proposed agreement included the free movement of goods between the two countries through the elimination of tariffs, subject to a few exceptions.

The two countries also agreed to the setting of a Joint Committee at Ministerial level to review the progress of the implementation of the FTA.

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