KARACHI, May 6: High Commissioner of Sri Lanka General C. S. Weerasooriya has said that the framework for free trade agreement (FTA) between the two countries has been signed and now the details are being worked out.

The benefits of the FTA are tremendous and Pakistani businessmen could take full advantage of the facilities being offered by Sri Lanka, he said during a meeting with members of Site Association of Industry.

He added that the two-year process in FTA has inched forward rather than leaping up forcefully. He called for joint ventures, linkages and market sharing so that both countries could effectively compete in the global markets.

On Pakistan and India relations, the envoy said that the recent initiatives of prime ministers Jamali and Vajpayee would reduce tension in the region, resulting in confidence building measures and augur well for the citizens of SAARC countries. “SAARC could really become a formidable entity if Pakistan and India agree to resolve contentious issues,” he said. The announcements coming out from Islamabad and New Delhi have been universally welcomed and it is hoped that the process would continue in a positive mode, he added.

Consul General of Sri Lanka, P.D. Fernando said that the SITE Association could be the catalyst in promoting the completion of FTA.