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| Wednesday, 9 February 2005 |
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FTA opens giant market for Lankan products From Pramod de Silva in Islamabad The Sri Lanka-Pakistan Free Trade Agreement (FTA) will spur trade and economic cooperation between the two countries to greater heights, President of the SAARC Chamber of Commerce Macky Hashim said on Monday. "It is a golden opportunity for both countries. It is also a step towards the creation of a South Asian Free Trade Area," Hashim told the Daily News. The FTA is due to be signed today. Hashim, a member of the Sri Lankan business delegation accompanying President Chandrika Bandaranaike Kumaratunga said the FTA will open a giant market for Sri Lankan products, in much the same way as the Indo-Lanka FTA did. The latter, he said, has already opened the Indian market in a big way to Sri Lankan entrepreneurs in a variety of fields. The Lanka-Pakistan FTA will provide the same opportunities. The tea industry will especially benefit, as Pakistan is a major buyer of Sri Lankan tea. The proximity of Pakistan to Sri Lanka is another plus point, he said. This means that freight and insurance costs could be kept low. With zero or concessionary duties at Pakistani ports, the Lankan exporters will be able to gain bigger margins. He recalled that many opposed the Indo-Lanka Free Trade Agreement, fearing Sri Lanka would be swamped with Indian products. Now they have realised its benefits and usefulness. "Moreover, intra-regional trade is very low at the moment. FTAs can increase intra-regional trade substantially." He expressed his gratitude to President Kumaratunga for having the courage and determination to go ahead with the finalisation of the Lanka-Pakistan FTA, which has been in the formulation stage for over four years. |
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