Bangladesh and Sri Lanka will be signing a Free Trade Agreement (FTA) to expand bilateral trade, especially for export of readymade garments, between the two countries. the agreement is expected to be signed this month.
A high powered business delegation of Sri Lanka led by its Development Strategic and International Trade Minister Malik Samarawickrama visited Dhaka and discussed the issue with the government officials and apparel trade bodies in this regard, on October 11, 2018.
After meeting the Lankan delegate at his office, Commerce Minister Tofail Ahmed addressed a press briefing where he said Sri Lanka will be importing garment items from Bangladesh. “They will be importing apparel from us, adding value to it, and then export the items to the European Union. Discussions are underway with our apparel trade bodies in this regard.”
Also, the minister said, the two countries have agreed to sign an FTA as soon as possible. “We have completed the feasibility study in this regard. We are working to sign the deal in October. We have decided to sign a comprehensive FTA including the peripherals of goods, services and investment.”
Additionally, Bangladesh wants to export construction materials, medicine and paper to Sri Lanka, Tofail said. “Also, our investors are interested in setting up paper mills and cement manufacturing units in Sri Lanka. They (Sri Lanka) too want to expand trade with Bangladesh.”
Sri Lankan commerce minister Malik Samarawickrama, while briefing reporters after the meeting with Tofail Ahmed, said his country was interested to expand bilateral trade with Bangladesh. “We will take necessary steps in this regard. We will also encourage our businessmen to this end. We have taken steps to import Ready Made Garments, medicine and construction materials from Bangladesh. Now, an FTA will ease bilateral trade.”
Among those present in the meeting were Shuvasish Basu, senior Commerce Secretary, Bangladeshi High Commissioner in Sri Lanka Riaz Hamidullah, Additional Secretary Md Safiqul Islam, Sri Lankan High Commissioner to Dhaka Crisanthe De Silva, Sri Lankan Board of Investment Director Mangla Yapa, and the country’s Development Strategic and International Trade Minister’s Consultant Raiyan Rockwood.
Also, after the meeting, the Sri Lankan delegation met with officials of Bangladesh Garment Manufacturers and Exporters Association (BGMEA). Among those present during the meeting were BGMEA President Siddiqur Rahman, Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Shafiul Islam Mohiuddin, BGMEA Vice President SM Mannan, and one of its Directors Ashiqur Rahman.
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