Trade volume between Pakistan, Sri Lanka surged after FTA: Mehboob Sultan

Lahore : Federal Minister for National Food Security and Research Sahabzada Muhammad Mehboob Sultan urged business communities of Pakistan and Sri Lanka to enhance business collaboration.

Addressing a conference on ‘Enduring Friendship between Pakistan and Sri Lanka’, he said Pakistan is the second largest trading partner of Sri Lanka within the South Asian region. Sultan said Sri Lanka was the first country to sign a free trade agreement with Pakistan, which became operational from June 12, 2005. Around 4,000 items can be imported to Pakistan from Sri Lanka.

“Pakistan and Sri Lanka under the umbrella of the South Asian Association for Regional Cooperation (SAARC) can promote a brighter and integrated future of South Asia,” he said.

He said that Sri Lanka was the first country to sign a free-trade agreement (FTA) with Pakistan which became operational in 2005 and the volume of trade between the two countries has been increased in the last few years.

The minister further said that Sri Lanka has been manufacturing 75% electricity through the hydro source and both countries have the potential to work together in the energy sector for attaining mutual benefits.