Sri Lanka - Pakistan FTA fully operational

Rajmi Manatunga in Islamabad

PAKISTAN: The Pakistan-Sri Lanka Free Trade Agreement (FTA) aimed at boosting trade and commercial activities between the two countries has now become operational, the Pakistan Foreign Ministry said yesterday.

Pakistan Foreign Secretary Riyaz Mohomad Khan told a Sri Lankan media delegation in Islamabad that the two countries have taken measures to implement the FTA which was formulated to raise the levels of trade between the two countries.

"The FTA is in place now. The two countries have already exchanged lists in relation to the implementation of the FTA," he said. According to Khan, imports and exports between the two countries are expected to increase to Rs 140-200 billion as a result of the FTA signed a couple of years ago.

He further said that the future success of the FTA will depend mostly upon the private sector in Sri Lanka and Pakistan.

"The Government can only initiate agreements of this nature. But it is up to the private sector in Sri Lanka to utilise it and receive the intended benefits," he said.

Khan also expressed optimism that tourism could be a significant area where Sri Lanka and Pakistan could increase their bilateral cooperation.