Lanka - B'desh trade up by 80% - Rishad Bathiudeen
Sri Lanka - Bangladesh bilateral trade is on an upward trend. "In
2011 Lanka-Bangladesh bilateral trade rose to $ 22 Mn. This is an 83%
increase from 2007 trade levels," said Minister of Industry and Commerce
Rishad Bathiudeen of Sri Lanka on November 28.
Minister Bathiudeen was addressing the new High Commissioner
designate of Bangladesh in Sri Lanka Mohammed Sufiur Rahman, who made a
courtesy call on him at the Ministry of Industry and Commerce in
Colombo.
Rahman, an MBA from Dhaka University, has previously served at
Bangladeshi missions in New Delhi, Geneva and Islamabad and was also a
Director in the SAARC Secretariat in Kathmandu. Rahman had also played
the lead role in organising the Colombo Process Meeting in 2011.
"We are keen to expand our trade volumes with Sri Lanka. Bangladesh
has no Free Trade Agreements with any other country so far and therefore
we are inexperienced in this regard. That does not mean we will not be
able to do one with Sri Lanka.
In fact, the concept of Sri Lanka - Bangladesh FTA, is under
examination. But before going to an FTA and as a start, I believe that
we could make a list of products from both sides rather than an umbrella
FTA and start trading them with special tariff concessions or even
tariff free, subject to further negotiations," Rahman said to Minister
Bathiudeen.
"I believe that there is strong, unrealised trade potentials between
the two countries," Rahman stressed.
"I believe that your FTA intentions are very good and promising,"
responded Minister Bathiudeen. "And we believe that your arrival would
strengthen the follow-up of a Joint Economic Commission between the two
countries," he added.
The fourth Sri Lanka-Bangladesh Joint Economic Commission sessions
were successfully held in Dhaka in Bangladesh on March 8. The sessions,
revived after almost two decades, resulted in effective renewal of
bilateral trade cooperation. Minister Bathiudeen led Sri Lanka's
national delegation to Dhaka in March.
"We see a big convergence of interests between the two countries and
we now want to focus on maritime connectivity and people to people
contacts with Sri Lanka. We want to re-commence the feeder service
between Colombo and Chittagong, perhaps using 15,000-20,000 tonne range
vessels," Rahman stressed.
According to the Department of Commerce of Sri Lanka, improvements
have been recorded during the last 4-5 years in Sri Lanka - Bangladesh
bilateral trade. Sri Lanka's exports to Bangladesh have increased by
around 150% during the period 2006-2011.
Similarly, the value of imports from Bangladesh has also increased by
100% in 2011 compared to 2010.
Among our top exports to Bangladesh are Cotton, Mineral fuels,
Mineral oils and products of their distillation, bituminous substances,
modified starches, glues, enzymes, miscellaneous chemical products,
special woven fabrics and textile fabrics. |