Pakistan, Sri Lanka agree to negotiate CEPA in August

OUR STAFF REPORTER
ISLAMABAD - The 10th session of Pakistan-Sri Lanka Joint Economic Commission ended on Tuesday, where Islamabad and Colombo agreed to hold Free Trade Agreement (FTA) review meeting/Comprehensive Economic Partnership Agreement (CEPA) negotiations in August 2011 in Colombo.
The two-day session of Pak-Sri Lanka Joint Economic Commission was held in Islamabad on July 4-5 in which Hina Rabbani Khar, Minister of State for Foreign Affairs, Finance & Economic Affairs, led the Pakistani side whereas Rishad Bathiudeen, Minister for Industry and Commerce, led the Sri Lankan delegation.
Addressing a press conference, Hina Rabbani said that next (11th) JEC meeting would be held in Colombo next year; however, she said that dates would be decided later. She further said that JEC has decided to cooperate in the fields of handicrafts, gems and jewellery and revisit visa policy.
“JEC has provided an institutional mechanism to promote relations between the two countries. Both the countries have great potential to enhance cooperation in various fields which needed to be tapped”, she maintained.
Rishad Bathiudeen termed the 10th JEC meeting as very successful as both sides have agreed to cooperate in various sectors of economy.
He said that the FTA has proved that both the countries have ability to utilize the vast existing potential for their benefit. Before signing FTA, the trade volume between the two countries was just $100 million that has now gone up to almost $400 million, he said.
According to the statement issued by Finance Ministry, during the JEC meeting, discussions were held on promoting cooperation in various economic and technical fields. Both the sides agreed to hold FTA review meeting/Comprehensive Economic Partnership Agreement (CEPA) negotiations in the month of August in Colombo. All matters relating to trade will be discussed in detail at the time of FTA review, which is expected to be held in August 2011 in Colombo.