The Karachi Chamber of Commerce and Industry (KCCI) President has emphasized that Sri Lanka should take advantage of the Gwadar Port to establish a production base in Pakistan and tap the largely untapped market of Central Asia and Middle East.

Six-billion-dollar National Trade Corridor (NTC) is being developed over a period of six years. Initially it will connect the Karachi-Gwadar-Kunjaribe section, which will cost $2.8 billion, informed Karachi Chamber of Commerce and Industry President Abdul Majid Haji Muhammad during a meeting with the High Commissioner of Sri Lanka in Islamabad, Air Marshal (Retd) Jayalath Weerakkody and Consul General of Sri Lanka V S Sidath Kumar who visited KCCI on Tuesday.

KCCI President Abdul Majid Haji Abdullah suggested that potential products and brands should be identified and important data about the top 100 companies may be shared by both countries.

Under the Free Trade Agreement between Pakistan and Sri Lanka to enhance bilateral trade ties, which became operational on June 12, 2005, both countries agreed to offer preferential market access to each other’s products.

Sri Lanka would enjoy duty free market access on 206 products in Pakistani market including tea, rubber and coconut. Pakistan, in return, would gain duty free access on 102 products in the Sri Lankan market. These products include oranges and basmati rice.

He informed that Pakistan has increased the number of products that can be imported from Sri Lanka to 4,000 under the final phase of free Trade Agreement (FTA) between the two countries. The free trade deal would help Pak-Sri Lanka economy.

Key areas for Sri Lankan exporters are tea, electronics, engineering and textiles.

The Sri Lankan market for engineering, vehicles and some agricultural items such as fruits would be opened to Pakistani producers.

Both countries have agreed to cover services sector under the free trade agreement, quoting the KCCI president IN reported.