Cabinet approves Preferential Trade AgreementBy Imsha IqbalPrime Minister of Sri Lanka Mahinda Rajapaksa and PrimeMinister of Bangladesh Sheikh HasinaThe Sri Lankan Government is discussing the possibility of entering into a Preferential Trade Agreement (PTA) with Bangladesh, with whom it entered into a swap agreement recently, The Morning Business learns. Speaking to The Morning Business, Trade Ministry Secretary Bhadrani Jayawardena stated that with both countries being developing countries in the same region, Sri Lanka looks forward to maintaining good trade relations with Bangladesh. Jayawardena stated: “We have not decided a date of signing (the PTA); we (both countries) have agreed, but it is at the discussion stage,” implying that such a trade agreement would be possible, as the involved countries have expressed each other’s agreement. Cabinet approval was granted to a proposal furnished by the Minister of Trade regarding entering into a PTA with Bangladesh, in order to hold discussions with the relevant authorities of the aforementioned country. In terms of economic benefits, Jayawardena said “both countries (Sri Lanka and Bangladesh) are trying to achieve development targets.

Source: The Nation June 15, 2021 22:30 UTC