Pakistan, Sri Lanka FTA comes into force

Pakistan, Sri Lanka FTA comes into force

The Free Trade Agreement (FTA) between Pakistan and Sri Lanka took effect as of June 12, 2005. The cornerstone of the FTA is a 100% duty concession on 206 products from Pakistan and 102 products from Sri Lanka. The FTA talks between the two countries were first initiated in 2000. Items in the 0% duty list of Pakistan are frozen fish, vegetables, spices, fruits/juices, natural rubber (excluding latex), raw silk, wool, some varieties of paper, carpet and floor coverings, non-alloy aluminum, iron and steel products and toys/dolls. On the other hand, Sri Lanka's 0% duty items under the FTA include chickpeas, oranges, benzene, apparel and clothing accessories, ball bearings, various antibiotics, and vacuum flasks (excluding glass inners). The items on which the countries refused to grant concessions is longer than the list of items given concessions. The items on which Pakistan did not give concessions include dairy products, green/black tea, animal/vegetable oils and fats, cigarettes/tobacco, liquor, polymers, and iron/non-alloy steel. Sri Lanka's list includes bovine meat, some marine products, yogurt, vegetables, raw sugar, bread, gasoline/kerosene, polymers and tires.