Lanka - Iran look to diversify two-way exports

Industry and Commerce Minister Rishad Bathiudeen had a meeting with Iran's Commerce Minister Dr. Mehdi Ghazanfari last Sunday. The Minister is currently on an official visit to the Islamic Republic of Iran. At the discussion both Ministers reaffirmed the historic relations between the two countries and highlighted the importance of further boosting trade cooperation which currently stand at US $ 800 million.

He invited a high level business delegation from Iran to Sri Lanka's mega export show "Sri Lanka Expo 2012" to be held in early 2012.

In early May, Sri Lanka announced a mega export exhibition for international buyers to be held in 2012 in Colombo. Sri Lanka will be launching "Sri Lanka Expo 2012" to be held in early 2012. The two way trade volume which is over US $ 800 million makes Iran, Sri Lanka's seventh largest trading partner. Iran is the 4th largest supplier of petroleum oil to Sri Lanka in 2009, which contributed 99 percent of total imports from Iran. Over 50,000 MT of Ceylon tea are exported to Iran annually, in both direct and indirect ways.

Iranian Minister agrees that both countries should make concerted efforts to diversify each other's export baskets.

Minister Bathiudeen also drew his Iranian counterpart's attention to a number of issues pertinent to Sri Lankan exports bound to Iran. Minister Bathiudeen requested the relaxing of the regulation on import of pre-packed tea minimum weight from 10kgs at least to 5 kgs.

He also highlighted the importance of protection of Ceylon Tea trademark in Iran under the applicable domestic laws of Iran as there is growing evidence on counterfeited Ceylon Tea in Iran markets.

I would like you to personally assist us with regard to reduce the cost of documents for legalization of export documents or alternatively, reduce the number of documents to be legalized.

Both Ministers also discussed cooperation efforts in shipping industry and strengthening Sri Lanka's shipping as well. They also reviewed progress of the ninth session of the Joint Commission for Economic Cooperation which was held in Colombo in 2010 and agreed to have official level delegation to Iran before the next formal session to be hosted in Iran and headed by both Ministers.