Sri Lanka wants Free Trade Agreement with Bangladesh

[Sonic The Best]

Sri Lanka wants Free Trade Agreement with Bangladesh

The National Chamber of Commerce of Sri Lanka (NCCSL) is lobbying for a Free Trade Agreement (FTA) with Bangladesh.

“We are working towards establishing the agreement through the recently formed Sri Lanka Bangladesh Business Council.

The emphasis is paid on capturing potential markets in the sub continent,” National Chamber of Commerce of Sri Lanka President Lal de Alwis told Daily News Business.

“The country should focus on regional markets and Bangladesh has a ready made market for Sri Lanka. The country could cater to untapped sectors,” he said.

The business community feels that they could expect a major development in every sphere and accelerated GDP growth too could be achieved.

“The regular foreign delegations are a testimony for the boost in investor confidence and the country is looking at more Asian markets such as Japan, India and Singapore,” de Alwis said.

“There are plenty of opportunities for people to do business and generate revenue which in-turn benefits the Government. The down stream operations and the forecast for 2011 seem very positive.”

The business prospects in Sri Lanka have improved tremendously and the peaceful environment has provided impetus for continuous economic growth.

The country should focus more on bilateral trade agreements to enhance its export volumes and value. The level of investor confidence is increasing.

“The current conducive business climate has paved way for optimism in business. The confidence level seems to be very high and people are free to make investments which will ensure socio-development of the country,” de Alwis said.

Sri Lanka Business News | Online edition of Daily News - Lakehouse Newspapers

 

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Sri Lanka's Mihin Lanka Airbus A320 lands at Hazrat Shahjalal International Airport, Dhaka, Bangladesh

Colombo - Dhaka Direct Flights Launched

 

[eastwatch]

Sri Lanka's Mihin Lanka Airbus A320 lands at Hazrat Shahjalal International Airport, Dhaka, Bangladesh

YouTube - Mihin Lanka Airbus A320

Colombo - Dhaka Direct Flights Launched

It is a good sign that many of the international airlines have opened route to Dhaka. One possible reason is perhaps Bangladesh airlines is weak and, therefore, foreign airlines are filling the void. Only recently Turkish airlines also has started operation to Dhaka after the Turkic PM's visit. Another reason can be attributed to the enlarged economic activities in Bangladesh.

By the way, can anyone teach me how FTA works positively to enhance trade, business and other economic activities of the countries involved.

 

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Sri Lanka & Bangladesh on Trade Discussion

Sri Lanka's External Relations Minister Prof. GL Peiris had a bilateral meeting with Foreign Minister of Bangladesh Dr Dipu A third side Asia Middle East Dialogue ministerial meeting this week in Bangkok.

The two Ministers noted the excellent relations between Sri Lanka & Bangladesh in the political and economic matters. They welcomed trade relations more and more, and explored ways to increase trade in the New Year.

The tariff structures for some of the main products traded between the two countries was discussed in talks between the professor and Dr. Peiris Moni.

The export of jute from Bangladesh to Sri Lanka, as well as emphasis on rubber based products, gems and jewellery and ceramic products as Sri Lankan items which had the potential for export in greater quantities to Bangladesh were prominent features of the bilateral discussion.

Dr Moni informed Prof Peiris that there is scope for Bangladesh to import larger volumes of tea from Sri Lanka, and the Ministers agreed to pursue this in earnest.

Given the importance of the apparel industry in the economy of both countries, Prof Peiris and Dr Moni agreed to look closely at synergies which would enable collaboration in some fields in the mutual interest of both countries.

Dr Moni noted the exceptionally successful performance of Sri Lankan companies in the service sector in Bangladesh, and said that further development is possible in this sphere.

With regard to mutual assistance in the training of programmers, Prof. Peiris referred to the large number of students from Sri Lanka, particularly in medicine, who are trained in Chittagong in Bangladesh and elsewhere, and is characterized this as a contribution of different value.

Dr. Moni, meanwhile, called for additional facilities for training in Sri Lanka in the field of nursing – a suggestion that the teacher has agreed to follow Peiris.

Sri Lanka and Bangladesh Trade Discussion BAPA Blog