Lanka, Pakistan trade hit top figure

TRADE between Sri Lanka and Pakistan hit the highest figure for five years in the two year trade 2003-04 reaching US $ 146.26 million, while an over 50 per cent growth was registered in the Pakistan imports to Sri Lanka during the first quarter of the current fiscal year (2004-05) to the corresponding period last year, the Pakistan High Commission said.

"Pakistan imports to Sri Lanka has exceeded US $ 28.6 million as compared to US $ 18.7 million the corresponding period last year- an increase of US $ 9.9 million (52.96)," Pakistani High Commissioner Bashir Wali Mohmand said.

The two countries enjoy an excellent relationship and there is a tremendous amount of goodwill for each other, he said.

"The excellent political relationship between our two countries is now able to transcend into stronger economic ones," the envoy said.

"Sri Lanka being a small country with the economy size of US $ 18 billion has not figured prominently on the radar screen of our exporters. Similarly Sri Lankan traders too have limited interaction with their Pakistani counterparts who are not aware of Pakistani's export potentials," High Commission spokesperson Z. A. Barlas said yesterday.

Due to the Free Trade Agreement, Sri Lanka will be able to export certain goods to Pakistan without having to pay onerous import duties and Pakistan will also be able to import certain goods from Sri Lanka duty free, the High Commissioner said.

"There is also an agreement relating to gem and jewellery. Both Sri Lanka and Pakistan are rich in gemstones. However, Pakistan does not have the skills to cut, polish and shape gemstones into world class jewellery, Sri Lanka does.

Because of the FTA, Pakistan jewellers can go to Sri Lanka and learn the technical skills to enable them to make world class jewellery. This will also foster joint ventures between the two countries," he said.

Meanwhile 'Pride of Pakistan', a single country exhibition organised by Pakistan's Export Bureau aimed at boosting trade ties between the two countries will be held at the BMICH from April 28 to 30, where 30 different participants from across Pakistan will display a range of Pakistani products from surgical goods to fruits and food items, leather products to handicraft and textiles to cosmetic and jewellery.