Bangladesh is going to sign Free Trade Agreement (FTA) with Sri Lanka soon to further enhance the existing trade and commerce ties between the two South Asian countries.
Commerce Minister Tofail Ahmed came up with the announcement after a meeting with the newly appointed Sri Lankan Ambassador to Bangladesh Yasoja Gunasekera held at his secretariat office in the capital yesterday.
“As the bilateral trade and commerce between Bangladesh and Sri Lanka is yet to reach up to the mark, a FTA will be signed shortly to boost the trade between the two countries,” said Tofail.
He, however, stated that all the preparations to ink the FTA with Sri Lanka have already been done, despite still having some difficulties over export-import duties on goods in bilateral trade between Bangladesh and Sri Lanka.
Bangladesh has proposed to reduce export tax to 5% from existing 13.5% to enhance bilateral trade and we are going through broad discussion to remove the barriers of trade and commerce, said the minister.
Ahmed urged the Sri Lankan government to remove all the non-tariff barriers on Bangladeshi products, especially pharmaceutical items, for ensuring smooth entrance to the market of Sri Lanka.
While talking to the reporters, the Lankan Ambassador Yasoja Gunasekera said, “We can work together significantly to increase trade, investment and tourism connectivity between Sri Lanka and Bangladesh.”
“Sri Lankan investors has already come up with huge investment here in Bangladesh,” he said.
Stressing on friendly bilateral relation between the two South Asian nations, Tofail Ahmed said, “We are working together to enhance connectivity with our neighboring countries through warm relationship.”
The envoy stated that friendly relationship between the two countries would help strengthening and enhancing connectivity between the two countries in future.
In the last financial year-2014-15, Bangladesh earned US$26.8m from Sri Lanka, while it imported products worth $66.65m. The trade deficit between two countries is $39.84.