Sri Lanka is to become the gateway to countries such as Pakistan to penetrate the US market as the island nation plans to enter into a Free Trade Agreement(FTA) or a Comprehensive Preferential Trade Agreement (CPTA) with the US.This was disclosed by Prime Minister Ranil Wickremesinghe with a tone of confidence after launching the “Pakistan [...]

The Sunday Times Sri Lanka

Sri Lanka to sign an FTA with US becoming trade gate for South Asia

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The two PMs at the launch of the exhibition.

Sri Lanka is to become the gateway to countries such as Pakistan to penetrate the US market as the island nation plans to enter into a Free Trade Agreement(FTA) or a Comprehensive Preferential Trade Agreement (CPTA) with the US.This was disclosed by Prime Minister Ranil Wickremesinghe with a tone of confidence after launching the “Pakistan Single Country “trade exhibition along with visiting Pakistani Prime Minister Nawaz Sharif at Temple Trees in Colombo this week.

Sri Lanka will be signing FTAs with China, and Singapore while entering into Economic and Technology Cooperation Agreement (ETCA) with India, he said adding that the country would be able explore the markets around the Bay of Bengal.He pointed out that strengthening trade ties with Pakistan would open doors for Sri Lanka to enter Central Asia and it paves the way towards expanding trade ties in the Middle East and the Gulf.The Prime Minister urged Sri Lankan businessmen and entrepreneurs to grab this opportunity to enter the Middle East and the Gulf markets without waiting for the government’s assistance and intervention.

The private sector should initiate action taking risks, he said, adding that trade and investments would not bear fruit if you fail to act promptly at this decisive moment where the government is going to revitalise the economy. He revealed that ministerial working groups of the two countries will meet in six months to discuss and workout trade promotion.Pakistan Prime Minister Nawaz Sharif said they were exploring the possibility of entering into a currency swap agreement with Sri Lanka and setting up a joint investment company. He stressed the importance of developing and strengthening the FTA between the two countries.

Pakistan will turn the tide towards peace and economic development this year and is keen to develop trade with Sri Lanka, he said.
Sri Lankan and Pakistani business leaders signed eight agreements with total investments over US$ 700 million in the presence of two prime ministers at the ceremony. Pakistani companies will invest in building cement and sugar factories in Sri Lanka while two Sri Lankan companies will implement joint venture hydro power projects in Pakistan under these investment agreements.

Gharibwal Cement Ltd. of Pakistan signed a deal with Maxton Holdings of Sri Lanka to set up a cement plant in the island.
Sri Lanka’s Maxton Holdings and Paidar Energy of Pakistan have agreed to develop a hydro power plant in Pakistan. Sri Lanka’s Eagle Power and Stellar Rock also signed a deal to develop a hydro power project in Pakistan.Another agreement was between Sri Lanka’s Granada Suppliers and Pak Hy-Oils Ltd. for a lubricant blending plant.

Granada Suppliers signed a deal with Pakistan’s Paidar Shipping and Trading for cooperation in shipping while Lanka Business Consortium signed an agreement with HKH Enterprise for deep sea fishing in Pakistan.Almar Trading of Sri Lanka and Service Industries have an MOU to set up a shoe manufacturing plant.The Federation of Chambers of Commerce and Industry of Sri Lanka signed a memorandum of understanding with Aman Centre for Entrepreneur Development in Karachi.Meanwhile the ‘Pakistan Single Country Exhibition 2016 will be held at the BMICH in Colombo on January 15 to 17 featuring representation from Pakistani commercial establishments in 15 sectors.

These participants include leading companies such as Toyota GT Motors, Pak Star Automotive Pvt. Ltd. and International Industries Ltd (IIL).There will be 400 stalls from over 100 Pakistani companies showcasing their products including Engineering Products, Auto Parts, Agro Products, Textile and Clothing, Designer Wear, Handicraft and Traditional Textiles, Cosmetics and Herbal Products, Pharmaceuticals, Cutlery, Gems and Jewellery, Furniture, Carpets, Marble and Services.The event is organised by the Trade Development Authority of Pakistan in partnership with the High Commission of Pakistan in Sri Lanka.

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