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| Thursday, 27 January 2005 |
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Protocol on Pakistan FTA to be signed soon by Sudarshana Perera The Protocol on the Free Trade Agreement (FTA) with Pakistan will be signed soon as the Frame Agreement and annexures on no concessions and concessions have already been finalised and approved by both countries. A top level delegation from Sri Lanka is expected to visit Pakistan soon to exchange the diplomatic note. Director General of Commerce, K Weerasinghe told the Daily News that the lists on concessions and other areas on bilateral understanding have been already finalised. Sri Lanka will take five years to go zero concession for stipulated items and Pakistan will take three years. Trade analysts said that the FTA will help promote economic relations through expansion in trade of goods and services, providing fair conditions of competition and removing barriers to develop and expand bilateral as well as world trade. According to the framework agreement, Pakistan and Sri Lanka will eliminate tariff and non-tariff barriers and enable the establishment of a free trade area. The two countries will not increase existing para-tariffs or introduce new or additional para-tariffs without the consent of each other. The annexures A, B and C have been finalised. Annexure A contains the 'no concessions' list and tariff preferences to be given by Pakistan, Annexure B, the 'no concessions' list and tariff preferences to be given by Sri Lanka and Annexure C, the Rules of Origin under the agreement. The officials had stressed the need for an early conclusion of the FTA to further enhance bilateral trade for the mutual benefit of the countries. The recent meetings of Prime Minister Shaukat Aziz with President Chandrika Bandaranaike Kumaratunga and Prime Minister Mahinda Rajapakse, gave the political impetus to expedite the FTA. |
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