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ISLAMABAD: The Made in Pakistan - Single country exhibition was declared open by the Sri Lankan Minister of Economic Development Hon Basil Rajapaksha in Colombo on Thursday.
After inauguration, the Chief Guest Minister Basil Rajapaksha visited stalls displaying Pakistani products and appreciated the wide variety and the quality of Pakistani products, says a press release received here from Colombo.
The inauguration event was also attended by the High Commissioner of Pakistan Seema Ilahi Baloch, several senior Ministers of the Srilankan Government and important personalities from the Srilankan Business and trade sector along with Ambassadors based in Srilanka and a large number of media persons.
The one week long Exhibition will remain open for public from 26th April 26 to May 1 at Bandaranaike Memorial International Conference Hall (BMICH), Hall B in Colombo.
Pakistans Rawalpindi Chamber of Commerce and Industry (RCCI) has organized the Made in Pakistan - Single country exhibition in Colombo in partnership with the High Commission of Pakistan in Srilanka.
More than 50 Pakistani trading and manufacturing companies are participating in this exhibition. Among the products displayed in the exhibition will be Carpets, rugs, Onyx products, Jewellery, brass crafts, sports equipment, fashion and fabrics, leather goods, handicrafts, wood/rosewood furniture and house wares, etc. Pakistan has a rich history of handicrafts.
The Single Country Exhibition aims to provide a platform to the Pakistan based companies, for showcasing their range of products and services to the Srilankan public and business community.
The exhibition will also be contributing in promoting Pakistan - Sri Lanka economic relations by diversifying the existing trade patterns thus introducing a wide range of quality Pakistani products in the Sri Lankan market with prominent business and trade sectors. Pakistan is the 2nd largest trading partner of Sri Lanka within the South Asian region. Sri Lanka was the first country to sign a Free Trade Agreement (FTA) with Pakistan.
FTA between Pakistan and Sri Lanka is operational since 2005. Trade between the two countries increased from US$ 225 million to over US$ 390 million during the last four years, with the positive support gained from the FTA.
Under FTA, Sri Lanka and Pakistan have agreed to offer preferential market access to each others exports by way of granting tariff concessions. Sri Lanka enjoys duty free market access on 206 products in the Pakistani market, while Pakistan, gained duty free access on 102 products in the Sri Lankan market.
The aim of a free trade agreement is to reduce barriers, to facilitate exchange so that trade can grow as a result of specialization, division of labor, and most importantly via comparative advantage.
The two countries have also signed the Bilateral Investment treaty in December 1997, which came into force in January 2000 after ratification. In addition a memorandum of understanding between Board of Investment Pakistan and Board of Investment Sri Lanka has also been signed in February 2007 for strengthening of cooperation in all the sectors of investment of both countries.
