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SAFTA prospect looks bleak

Bangladeshis, Lankans opt for bilateral free trade deal

Star Business Report
As the South Aslan Free Trading Area (SAFTA) now looks a remote possibility, the business communities of Bangladesh and Sri Lanka have taken a move to design a bilateral free-trade agreement for expansion of trade and investment between the two countries.
This was disclosed yesterday at a meet big between the visiting Sri Laiikan trade mission and the country's business community organised by the Metropolitan Chamber of Commerce and Industry (MCCI).
Commerce Minister Abdul Jalil told (he meeting that he had talks with his Sri Lankan and Indian counterparts last month during the UNCTAD meeting in Bangkok to have such bilateral trading arrangements. The government is working on the accords.
The apex chambers of Bangladesh and Sri Lanka are also involved in designing the bilateral trade agreement for the mutual benefit of both the countries, said the leader of the
visiting Sri Lankan business delegation. Tlssa Jayaweera.
Sri Lanka already has such a Free Trade Agreement (FTA) with India. Under this FTA. India will reduce its tariff to zero level in three years and Sri Lanka has allowed free entry of agreed Indian products for eight years. India also signed a FTA with Nepal for a phased removal of tariffs and quantitative restrictions within three years.
It was also disclosed at the meeting that the two countries have agreed to have Dhaka-Colombo direct air flights twice a week.
With MCCI President Latifur Rahman in the chair, the meeting was addressed by Sri Lankan High Commissioner E G Dayananda. Dhaka Chamber of Commerce and Industry (DCC1) President Aftab ul Islam, Vice President of MCCI C M Alam and its Secretary General C K Hyder. Editor of The Financial Express Moazzem Hussain
presented the keynote speech highlighting Bangladesh-Sri Lanka trade and Investment prospects.
Tne commerce minister underlined the need for Increased private sector initiatives to forge a greater SAARC cooperation.
MCCI President Latifur Rahman said despite historical links between the two countries. the volume of bilateral trade between Bangladesh and Srl Lanka was not encouraging and left scopes for exploiting untapped potentials.
He said two-way trade between the two countries amounted to USS 10.36 million in 1998-99. USS 7.16 million in 1997-98 and USS 13.42 million bi 1996-97.
Bangladesh's exports to Srl Lanka were worth US$ 3.54 million in 1998-99. USS 1.245 million in 1997-98 and USS 2.42 million in 1996-97. On the otherhand, the Imports from Sri Lanka were USS 6.82 mil-
lion in 1998-99, US$ 5.92 mfi-Hon in 1997-98 and USS I 1 million in 1996-97.
The MCCI president said the present low levels of bilateral trade is mainly because of lack of appropriate contacts between the business communities of the two countries, lack of proper institutional supports and low level of complimentarity of industrial cooperation. Unequal tariff structures also contribute to dampening of gainful trading.
He said Bangladeshi and Sri Lankan entrepreneurs can col-laborate in prospective sectors like rubber, textiles, fertiliser, pharmaceuticals, food processing. paper and pulp, computer software, hotels and entertainment parks.
Moazzem Hossain said Bangladesh-Srl Lanka FTA would not automatically raise the volume of bilateral trade, but this Is likely to create new dynamic conditions for increased economic and trade relations.