Pakistan and Sri Lanka agreed to reinvigorate the Joint Economic Commission and ask it to work out modalities for a new and unconventional phase of economic cooperation marked by barter trade, currency exchange and banking interchanges. The present level of 300 million dollars of mutual trade was far below their true potential and the agreement to reinvigorate the Joint Economic Commission was reached to tackle this situation, the Pakistani President Asif Ali Zardari said during a visit to Colombo this week.
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| Pakistan and Sri Lanka agree to reinvigorate the Joint Economic Commission |
Addressing a business forum, comprising leading business personalities and corporate leaders of Pakistan and Sri Lanka, he offered assistance in infrastructure construction to Sri Lanka and called for barter trade to solidify existing relations between the two countries.
He said by going for barter trade, the two countries do not have to pay each other in dollars, lessening the pressure on their foreign exchange reserves.
“If you have anything in abundance we can trade. We have an abundance of cement and you have tea and other commodities that we can exchange.” “Unlike investors who come and take back their money, Pakistan is offering a win-win relationship that should be acceptable to both the sides,” he added. President Zardari proposed a high level conference of investors jointly chaired by leaders from both the countries to enhance economic cooperation for the benefit of private sectors of Pakistan and Sri Lanka.
Emphasizing the need to increase trade between the two countries to achieve the target of US $ one billion in the near future. President Zardari said that action should be taken to promote trade in light engineering, fresh fruits and vegetables, processed goods, textiles, cement, pharmaceuticals and industrial chemicals.
He expressed his willingness to set up cement and sugar production plants in Sri Lanka with Pakistani private sector assistance. He said that his country has proposed to open a branch of the National Bank of Pakistan in Colombo adding that cooperation in banking sector was important for enhancing trade and business. |
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