Sri Lanka HC pins hopes on improved trade ties.

Memoranda of understanding (MoUs) signed during Prime Minister Imran Khan's visit to Sri Lanka would pave the way for boosting mutual trade and cementing economic ties, said Sri Lankan High Commissioner Vice Admiral Mohan Wijewickrama.

During a meeting with business community at the Lahore Chamber of Commerce and Industry (LCCI), the envoy highlighted that both countries had historical social, political and trade relations but mutual trade did not reflect the true potential of the two countries. He said that joint ventures between private sectors of the two countries would be welcomed.

The high commissioner emphasised that both countries should take full benefit of the free trade agreement (FTA) between them, adding 'Pakistan should increase import of best quality Ceylon tea from Sri Lanka.'

Speaking on the occasion, LCCI Vice President Tahir Manzoor Chaudhry said Pakistan and Sri Lanka had enjoyed great relations historically, which dated back to the years when the two countries were created.

Chaudhry recalled that in 2018 the volume of bilateral trade peaked at $462 million but it slipped to $389 million in 2019 due to a decline in both exports and imports.

He added that in 2019 Pakistan's exports to Sri Lanka were worth $324 million while its imports were worth $65 million. He pointed out...

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