Bangladesh pushing for more trade with SL

The current US $ 46 m bilateral trade between Sri Lanka and Bangladesh will improve further after two important events,the recently concluded SL-B’desh Joint Economic Commission talks and the Expo 2012. “We are pleased to see so many products from diverse sectors in this Expo. We believe we can order more from Sri Lanka,” said Dilip Barua, visiting Bangladesh Minister for Industries in Colombo recently.

Minister Barua expressed his satisfaction on the success of Expo 2012 during a courtesy call on Rishad Bathiudeen, Minister of Industry and Commerce recently in Colombo. Minister Barua was one of the South Asian regional ministerial invitees visiting Expo 2012, the mega export show that successfully concluded in Colombo after four days of continuous international B2B activities and expositions.

“I am also pleased to inform you that we are quite happy about the recently concluded Joint Economic and Technical talks on March 7 in Dhaka, which took place after a lapse of 19 years,” Barua said.

“The current US $ 46 m bilateral trade between both countries shows considerable unrealized trade potential between us. By a synergized approach to international markets, we can gain more and maximise the benefits of the 2011 Memoranda of Understanding between Sri Lanka and Bangladesh witnessed by President Mahinda Rajapaksa and Prime Minister Sheikh Hasina,” Minister Bathiudeen said.

According to the Department of Commerce, though the two-way trade between Sri Lanka and Bangladesh has been at moderate and stable level, some improvements have been recorded during last 4-5 years. Sri Lanka’s exports to Bangladesh has increased by around 380% during the period 2001-2010 while imports from B’desh also has recorded a six-fold increase in 2010 compared to 2001. Sri Lanka’s major exports to Bangladesh are dyed woven fabric of cotton, articles of plastics, narrow woven fabric with rubber thread, enzymes, coral and similar materials, and petroleum oils and oils obtained from bituminous minerals.

There is potential for further enhancement of trade volume between the two countries by exploring market potentials available for new products which could be utilized through tariff preferences granted under SAPTA, SAFTA and APTA supplemented with the vigorous marketing / trade promotional campaigns. “Bilateral cooperation between the historic friends may also open doors of international opportunities,” Minister Bathiudeen said.