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Pakistan- Sri Lanka agree to expand FTA with 8 MoUs

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Sri Lanka and Pakistan have agreed to expand their bilateral free trade agreement by inclusion of services and investment. Apart from this 8 MoUs and defence deal has been signed between both the nations during the Pakistan Prime Minister Nawaz Sharif official visit to Sri Lanka.

  • This would help companies of the two nations to form joint ventures for exports to other nations.

Pakistan- Sri Lanka agree to expand FTA with 8 MoUsAbout Free Trade Agreement
FTA between both nations came into force in June 2005. Since the Pakistan’s exports to Sri Lanka were to the tune of $150 million.

  • Sri Lanka’s exports to Pakistan were valued at about $52 million accounting for around 70% of the country’s total exports to Pakistan.

MoUs signed between the two countries

  • Health cooperation
  • Trade cooperation
  • Cultural cooperation
  • Agricultural cooperation
  • Sharing of statistical census data
  • Science, Technology and Innovation Cooperation
  • Cooperation between the Gem and Jewellery Research and Training Institute of Sri Lanka and Pakistan Institute of Fashion and Design
  • Cooperation in the exchange of financial intelligence related to money laundering and terrorism financing

Defence Deal
Pakistan also signed a landmark defence deal to sell JF-17 Thunder fighter jets to Sri Lanka. Under this deal Pakistan will sell 8 JF-17 Thunder fighter jets which are already part of Pakistan Air Force (PAF).

Keys
Pakistan Capital – Islamabad
Pakistan Currency – Pakistani rupee
Sri Lanka Capitals – Sri Jayawardenepura Kotte, Colombo
Sri Lanka Currency – Sri Lankan rupee