Bangladesh, Sri Lanka to Sign a Free Trade Agreement

12 February 2017

Mr. Tofail Ahmed, Bangladesh Commerce Minister, reported that Bangladesh and Sri Lanka have reached consensus to sign a free trade agreement (FTA) after meeting with Ms. Yasoja Gunasekera, Sri Lanka High Commissioner in Dhaka, on 12 February 2017.

The FTA will give Bangladesh access to Colombo Port, saving import/export traders at least three days, and allow exports of pharmaceuticals, paper, and cement at low import duties, according to the Commerce Minister.

Ms. Gunasekera is optimistic that the FTA would boost trade between the two countries.

On 9 February 2017, Mr. Rishad Bathiudeen, Sri Lankan Industry and Commerce Minister, stressed the need to sign an FTA in his meeting with Bangladeshi entrepreneurs. He also invited them to invest in Sri Lanka's pharmaceuticals sector.

This meeting, organized by Dhaka Chamber of Commerce and Industry and Sri Lanka-Bangladesh Chamber of Commerce and Industry, discussed ways to deepen economic cooperation between the two countries, including revision of the South Asian Free Trade Area list, direct marine connectivity between Chittagong, Mongla, Colombo, and Trincomalee ports, and strengthening of chamber-to-chamber relations.

In fiscal year 2015-2016, Bangladesh exported $30.45 million worth of products to Sri Lanka, and imported $45 million.

 

Related Links:

India Becomes Party to the United Nations TIR Convention

The Government of India ratified the United Nations TIR (Transports Internationaux Routiers) Convention on 19 June...
Read More >>

Bangladesh, Sri Lanka to Hold Trade Talks in July

Bangladesh and Sri Lanka will hold high level talks in July 2017 in Dhaka, Bangladesh, for trade and...
Read More >>

ADB Blog: 6 Ways Asian Economic Cooperation is Changing the Region

Economic transformations have accelerated regional cooperation and integration in Asia. In this ADB blog post, Mr. Cuong Minh...
Read More >>

Building Stronger Cooperation with BIMSTEC

Mr. Sumith Nakandala, Secretary General, Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) advised member...
Read More >>

India Drafts Cross-border Energy Trade Framework

India's Ministry of Power is preparing a set of guidelines for cross-border trade of electricity, with draft regulations...
Read More >>

India, Bangladesh to Gradually Remove NTBs

The International Business Forum of Bangladesh (IBFB) held its 12th Annual Conference on 24 May 2017. The opening...
Read More >>