BD, Lanka agrees to sign a FTA

Bangladesh and Sri Lanka decided to sign a free trade agreement (FTA) to boost bilateral trade.

The decision came from the fifth meeting of Bangladesh-Sri Lanka Joint Economic Commission (JEC) held at Colombo on Wednesday, reports BSS on Thursday citing a press release.

Announcing the decision of signing the FTA at the end of the 5th JEC, Commerce Minister Tofail Ahmed said Sri Lanka could import RMG, pharmaceuticals, cement, paper and other products at low price after the FTA.

Tofail Ahmed and Sri Lankan Commerce Minister Rishad Bathiudeen signed the working paper of the JEC.

Citing the reason for signing the FTA, ministers of both countries said trade volume did not increase as expected and the agreement can help improve that.

In FY16, Bangladesh and Sri Lanka had $76 million trade, of which Bangladeshi export volume was $30.45 million against import figure of $ 45 million.