Trade Development Authority of Pakistan (TDAP) announced of doubling the exports into Sri Lanka to US$ 500 million within a period of a year as opposed to US $ 267 million that was exported into the country previously.
The TDAP also hopes to achieve a US$ 1 billion target in the coming years given that the FTA is properly utilized. Trade Development Authority of Pakistan Chief Executive S.M. Muneer told the Daily News Business that the two countries can achieve stronger trade ties if the two countries understood the potential within them.
Sri Lanka and Pakistan has maintained friendship between the two countries for many years. However according to Muneer said that the Free Trade Agreement that was implemented in 2005 has not been used to its full potential by both Sri Lanka and Pakistan. He stated that the probable cause behind the matter would be that the lack of communication between the country in acquiring information
“We have organized the single-country exhibition in Sri Lanka that will take place from the 15th to the 17th of January at the BMICH where 112 Pakistan based companies will exhibit their products. We hope that this exhibition will communicate our potential as an exporter to the country. The trade need not be single sided we are willing to import from Sri Lanka as well. We are to speak with the relevant authorities on the 15th of January regarding having an exhibition in Pakistan that exhibits what Sri Lanka can offer to our Country,” Muneer said.
He stated that Pakistan items are not pricy we hope that our exhibition here which is one of the largest we have organized will draw attention to Textile, Agro, Engineering, Marble and Granite, Handicrafts, Garments and Accessories, Jewellery sectors. The exhibition will also facilitate BtoB meeting and the Pakistani Cuisine Festival at Galadari.
In terms of exports to Pakistan, Sri Lanka has performed poorly throughout the years. It is recorded that Sri Lanka has exported only US $ 58 million worth of exports to Pakistan. Muneer said that in terms of preference they are open to any item that Sri Lanka could offer them. Having the capacity to purchase given that the quality and the prices are compatible Muneer believes that Pakistan is a viable market for Sri Lanka to focus.
Currently the majority of Pakistan’s imports to Sri Lanka is in Cotton items, Sri Lanka exports US $ 89 million worth cotton cloth, US $37 million worth cement, US $ 20 Million worth Pharmaceuticals and other items such as vegetables, rice, textiles and Bed Linen.