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:

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 >>

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 >>

ADB Awards SASEC Rail Project among Best Performing Projects in Bangladesh

The South Asia Subregional Economic Cooperation (SASEC) Railway Connectivity Akhaura-Laksam Double Track Project, implemented by Bangladesh...
Read More >>

Former FBCCI President: Bangladesh-India Relations Better Now

Mr. Abdul Matlub Ahmad, Chairman, Nitol-Niloy Group, Bangladesh, and former President, Federation of Bangladesh Chambers of Commerce and...
Read More >>

SAARC Collaboration Urged to Attract Foreign Direct Investment

The South Asian Association for Regional Cooperation (SAARC) Chamber of Commerce and Industry (CCI) and the...
Read More >>

Need to Improve Bangladesh-India Port Services

Mr. Taskeen Ahmed, President of the India-Bangladesh Chamber of Commerce and Industry (IBCCI) and his delegation...
Read More >>