Friday, December 18, 2009
By our correspondent
KARACHI: If a Comprehensive Economic Partnership Agreement (CEPA) is signed between Pakistan and Sri Lanka, it will boost trade between the countries and market access to other markets like India, China and the EU.
This was said by the VS Sidath Kumar, Consul General of Sri Lanka at a seminar on Pak-Sri Lanka Free Trade Agreement, co-organised by the Karachi Chamber of Commerce & Industry with the support of Sri Lankan Consulate. He said CEPA will incorporate trade in goods, services, investment and customs cooperation.
“Under the agreement, Pakistani businessmen could manufacture products in Sri Lanka, which can be exported to India under Sri Lanka FTA and EU GS Plus scheme,” added he. Speaking on the occasion, Abdul Majid, KCCI President, said currently, according to the Free Trade Agreement (FTA) signed on June 12, 2005 Sri Lanka now enjoys duty free market access on 206 products in the Pakistani market including tea, rubber and coconut.
Where as Pakistan, in return, has duty free access to 102 products in the Sri Lankan market. These products include oranges, basmati rice and engineering goods.
However, he announced that a number of products that can be imported from Sri Lanka to Pakistan have increased to around 4,000 which is under final phase of free Trade Agreement (FTA) between the two countries.
He said in FTA Sri Lanka will abolish customs duty on 4,527 tariff lines of 5,224 at six-digit level over three years and enjoy duty free benefits on exports of natural rubber, coconut products, spices, natural graphite, paper and paper products, copper and aluminum products.
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