To expand FTA Sri Lanka and Pakistan - both agreed [ Current News (Concise) ]

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To expand bilateral free trade agreement (FTA) by inclusion of services and investment Sri Lanka and Pakistan both are agreed. During official visit to Sri Lanka, Pakistan Prime Minister Nawaz Sharif has declared that they both are agreed for expiation of FTA.

  • With this companies of the two nations can form joint ventures (JV) in order to exports to other nations.
  • President of Sri Lanka Sirisena has visited Pakistan in April 2015 and after eight month Pakistan Prime Minister Nawaz Sharif visited shri Lanka.

About Sri Lank-Pakistan Free Trade Agreement (FTA)

  • In June 2005, the FTA between Sri Lanka and Pakistan came into force.
  • And then exports of Pakistan to Sri Lanka were reached up to the tune of 150 million dollars.
  • And export of Sri Lanka to Pakistan was priced around 52 million dollars, around 70 % of total exports to Pakistan.

8 MoUs signed

Pakistan and Sri Lanka has also signed other 8 agreements in such fields:

  • Science and technology
  • education
  • agriculture
  • healthcare
  • tourism
  • cultural exchanges
  • sporting contacts
  • people-to-people contacts
  • Combating money laundering and terror financing

Defence Deal

  • To sell JF-17 Thunder fighter jets to Sri Lanka, Pakistan also wrapped a landmark defence deal.
  • And according to this deal Pakistan will sell 8 JF-17 Thunder fighter jets which are already part of Pakistan Air Force (PAF).

- Published/Last Modified on: January 8, 2016