The Trade Development Authority of Pakistan (TDAP) along with High Commission of Pakistan in Sri Lanka with an aim to boost bilateral trade between the two countries to host the Pakistan single-country exhibition (SCE) in Colombo from January 15-17, 2016.
At the SCE exhibition over 110 Pakistani exhibitors will participate. Engineering and Agro sector is participating with major number of exhibitors along with manufacturers of furniture, marble and onyx ware, carpets and kilims as well as apparel and handicrafts. Small and medium enterprises (SMEs) will also participate at the exhibition.
The Secretary, TDAP, Rabiya Javeri Agha speaking on the forthcoming exhibition said that they are excited to host the Exhibition and hope to showcase the best manufacturing capability of their Country.
This is a joint effort of both the countries to establish connections between business communities. Rabiya Agha went on to note that imports from Pakistan will be doubled from the existing US$267 million to US$500 million this year.
Pakistan’s top government body responsible for promoting exports, the TDAP aims to fully utilize the Free Trade Agreement (FTA). The Free Trade Agreement (FTA) came into effect in 2005. However, Pakistan and Sri Lanka were unable to utilize it to its potential.
Pakistan can easily double exports to Sri Lanka, in a year’s time by effectively using the duty concessions under the FTA, Javeri added. They have given priority to certain sectors as they believe these are the areas where Pakistan has the potential to multiply its exports. Their next target will be to increase exports to US$1 billion within a few more years.
The High Commissioner of Pakistan in Sri Lanka, Maj. Gen. (R) Syed Shakeel Hussain said that Pakistan is the second largest trading partner of Sri Lanka in South Asia. Sri Lanka was the first country to sign a Free Trade Agreement with Pakistan, which became operational from June 12, 2005, allowing trade of 4,000 items between the two countries. Pakistan has only utilized 29% of the FTA concessions so far, therefore, its target is to utilize the FTA first by exporting those products that have huge demand in Sri Lanka.
According to Pakistan Bureau of Statistics data (2014-15) Pakistan’s exports to Sri Lanka amounted to US$267 million as compared to US$58 million worth imports from Sri Lanka.
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