The Free Trade Agreement (FTA) between Pakistan and Sri Lanka will strengthen economic relations between the two countries in South Asian region. This was stated by Sri Lanka's Consul General in Karachi Manil De Silva during a lunch meeting with the members of Rice Exporters Association of Pakistan (Reap) here on Thursday.
Manil De Silva said that Pakistan is the first country, which could export rice and potatoes to Sri Lanka under the free trade agreement without paying any duty.
The consul general said that both Pakistan and Sri Lanka having historical relations could start joint ventures in various fields after signing this FTA.
"We are strong in garments and Pakistan is a cotton growing country", she said, adding that both countries could start joint ventures in this field as well as in pharmaceutical and agro-based sectors.
The consul general appreciated the role of Reap for promoting rice export, saying that Sri Lanka is also a rice growing country but there is demand for of Pak Basmati rice.
She said that after signing of FTA this is beginning of new era of economic relations between Pakistan and Sri Lanka.
Reap Vice Chairman Muhammad Anwar Mianoor said the recently concluded FTA between Pakistan and Sri Lanka will be operational from June 12, 2005. According to which, Sri Lanka would be able to enjoy duty-free market access for 206 products to the Pakistan market and Pakistan would gain duty-free market access of 102 products, including Basmati rice.
He said Basmati rice is one of the fastest growing export items from Pakistan, which has exported 602,782.747 MT of Basmati rice.
Mianoor said that Reap has established a Quality Review Committee (QRC) to ensure that quality of rice exported from Pakistan meets the specification of buyers and satisfactory product is provided to them. For this purpose QRC has inspection cell of highly qualified specialist and also have fully equipped laboratory to thoroughly inspect outgoing rice consignments.
"Since the inspection of QRC not a single consignment of Basmati rice has been rejected by our buyers of the world", he added.
"We welcome the step of removing duty on Basmati rice by Sri Lanka and this will further strengthen economic relations among both countries. Reap would also like to have more close interaction with Sri Lanka", he added.
Mianoor said that under the FTA, Pakistan would export 6,000 MT Basmati rice to Sri Lanka every year.
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