Economy News from Sri Lanka: Bangladesh, Sri Lanka’s trade with Asia’s fastest-growing economy, is set to rise when both countries meet later this year for ministerial trade talks-after nearly three years.
“The Joint Economic Commission’s fifth meeting between Bangladesh and Sri Lanka took place in 2016 in Colombo. The time has therefore come for the sixth trade meeting between the two nations, “said Minister of Industry, Trade, Resettlement of Protracted Displaced Persons, Cooperative Development, Skills Development & Vocational Training Rishad Bathiudeen in Colombo on 6 August, adding on Tuesday at the Ministry in Colombo 3 to the High Commissioner of Bangladesh in Colombo Riaz Hamidullah.
“On the proposed Bangladesh-Sri Lanka Bilateral Free Trade Agreement, ideas were exchanged between the two countries during the 2016 SL-BJCETC session. Also addressed were the draft Bilateral Investment Promotion & Protection Agreement (BIPPA), cooperation between Bangladesh Investment Authorities (BIDA) and Sri Lanka (BOI), and the draft Memorandum of Understanding on norms between BSTI and SLSI, which became a reality when MOUs were signed in 2017.
“We can discuss implementation in the next meeting to be held in Dhaka and schedule the next measures as well. The dates for the next meeting need to be agreed and finalized with Bangladeshi side, “said Minister Bathiudeen and added:” Even as Malik Samarawickrama, Minister of Development Strategies and International Trade, has already announced that the FTA could be signed once the joint feasibility study is finalized. “The suggested bilateral FTA seeks to increase complete trade to greater rates beyond the present $150 level.