Cut duty, lift para-tariff barriers
Commerce Minister Tofail Ahmed yesterday urged the Sri Lankan government to reduce duty on Bangladeshi exports and withdraw para-tariff barriers to increase bilateral trade.
Despite having potential, Bangladeshi goods such as medicine, paper, cement, MS rod and agricultural products cannot be exported in large volumes to Sri Lanka.
Tariff and para-tariff barriers are acting as the main obstacles, the minister said while discussing bilateral trade issues with his Sri Lankan counterpart Rishad Bathiudeen in Colombo.
Ahmed suggested holding meetings of joint working groups to remove trade barriers and increase the volume of trade, according to a statement.
Both countries recently agreed to sign a free trade agreement by the end of next year on removing different barriers.
In the fiscal 2016-17, Bangladesh exported goods worth $42.25 million to Sri Lanka, up from $30.45 million a year ago, according to Bangladesh Export Promotion Bureau.
Bangladesh mainly exports woven garments, knitwear, home textile, agro products, frozen food, leather and leather products, footwear, raw jute, jute goods and bicycle.
In the fiscal 2015-16, Bangladesh imported goods worth $45 million while imports in the previous fiscal year amounted to $44.10 million.
Sri Lanka, as a developing country, has put 925 products in the negative list (those for which duty has to be paid) under the South Asia Free Trade Area deal.
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