Staff Reporter
Islamabad
The speakers during ‘Book Launching” on Pakistan – Sri Lanka Free Trade Agreement (PSFTA) have agreed that through the proper execution of the agreement both the countries would increase their trade volume from the recent ratio of bilateral trade.
The Federation Pakistan Chamber of Commerce and Industry (FPCCI) has launched the Publication on ‘Pakistan – Sri Lanka Free Trade Agreement (PSFTA)’ to enhance bi-lateral trade and promoting free trade between the two countries, said a press release issued here on Sunday.
The Federation of Pakistan Chambers of Commerce and Industry hosted the publication launching ceremony.
Chairman, Senate Foreign Affairs Committee, Senator Mushahid Hussain Sayed, was the chief guest of the ceremony and addressed the gathering.
In his address, he emphasized that private sector of both countries would play their role to utilize the highlighted trade potential available in each country.
He also draws attention towards potential available in Religious Tourism and exchange in Cultural heritage of the both countries. He also invited Sri Lanka to take the advantage of China Pakistan Economic Corridor (CPEC) to enhance its outreach to Central Asian states and European countries.
President, FPCCI, Anjum Nisar said that Covid-19 had brought business community much closer through use of new technologies.
He said that unfortunately the political issues in the region were the bottleneck in unleashing the true trade potential.
He said the Pakistan was always very supportive in enhancing the trade with its neighboring countries. President SCCI & CEO Guard grou, Iftikhar Ali Malik, said that Pakistan and Sri Lanka were agrarian countries and should focus on adaptation of modern technologies to enhance their per acre yield.
He also highlighted the role of tourism to enhance to strengthen the cultural bonding between the two countries.
Joint Secretary (FT-I), Ministry of Commerce, Nauman Aslam said the government was thinking to review the FTA signed with Sri Lanka with inclusion of services sector and cross border Investments.
He also urged the private sector of the both member countries to increase the export basket to enhance the mutual trade.
High Commissioner of Sri Lanka to Pakistan, Vice Admiral Mohan Wijewickrama said that Covid-19 had increased trade challenges between member countries with decrease in foreign remittances. He added that Pakistan and Sri Lanka had old historic relations and Sri Lanka was the second largest trading Partner of Pakistan in South Asia.
He seconded the proposal of earlier panelist regarding addition of more products into export basket of both countries to realize the true potential.
Earlier , VP, SCCI Haji Ghulam Ali extended warm welcome to the participants and Dr. Shafqat Munir, SDPI, gave a brief overview of the study. Mr. Ajith D. Perera, SG, FCCISL, Ms. Nikita Singla, and Mr. Afaq Hussain, from Delhi based Think Tank BRIEF, also joined the deliberation through video link. Dr Ghulam Samad, from PIDE, also highlighted the shortcoming of FTA.
