Sri Lanka and Pakistan have agreed on the inclusion of services and investment in the bilateral free trade agreement.
This would help companies of the two nations to form joint ventures for exports to other nations.
About Sri Lanka and Pakistan FTA
The FTA came into effect in June 2005, Pakistan’s exports to Sri Lanka were to the tune of $150 million. In 2010-11, they went up to $332 million but dropped to $260 million in 2013-14 and 2014-25.
Under the agreement, Sri Lanka’s exports to Pakistan were valued at about $52 million, accounting for around 70 per cent of the country’s total exports to Pakistan, states a document of the Central Bank of Sri Lanka.
8 MoUs signed
Both countries also signed 8 agreements in the fields of science and technology, education, agriculture, healthcare, tourism, cultural exchanges, sporting contacts, people-to-people contacts and combating money laundering and terror financing.
Defence Deal
Pakistan also sealed 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).
Current Affairs: 5th January, 2016 Current Affairs Round up December, 2015.
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