The Dhaka Chamber of Commerce & Industry (DCCI) is making a strong call for the swift signing of a Preferential Trade Agreement (PTA) between Bangladesh and Sri Lanka. This proposed agreement is seen as a vital step to significantly increase trade and investment between these two friendly South Asian nations. Despite having close diplomatic relations, the current trade volume between Bangladesh and Sri Lanka is quite low, and leaders from both sides believe there’s a huge untapped potential waiting to be unlocked. In the fiscal year 2023–24, trade between Bangladesh and Sri Lanka only reached around US $134 million. This figure is considered much less than what it could be, given the strong historical and political ties. The DCCI emphasizes that accelerating this PTA would act as a powerful driver, strengthening economic connections and improving how the region works together. Such trade agreements simplify the process of transporting goods and services between nations by lowering or removing tariffs on specific items, which helps them become more competitive. Bangladesh identifies various sectors where companies from Sri Lanka could invest. These opportunities span a wide range of growing sectors including logistics, which is crucial for moving goods, and the thriving tourism industry. Other promising areas include education, healthcare, and renewable energy, all of which are vital for a modern economy. Furthermore, sectors like agro-processing, information technology (IT), and construction also offer fertile ground for Sri Lankan investment, contributing to Bangladesh’s rapid development. On the other hand, Bangladesh is keen for Sri Lanka to import more of its products. Key Bangladeshi exports that could see increased demand include pharmaceuticals, which are high-quality and affordable, and ready-made garments, a flagship industry. Other products like footwear, various jute products, and electronics also hold significant potential for the Sri Lankan market. In a reciprocal spirit, Sri Lanka’s advanced skills in maritime economy, deep-sea fishing, and efficient port management could offer valuable assistance to Bangladesh as it develops these strategic areas. Both Sri Lankan business leaders and government officials have expressed strong support for boosting trade and investment with Bangladesh, especially as Sri Lanka undergoes economic reforms. Recently, a major advancement was achieved with the signing of a Memorandum of Understanding (MoU) by the DCCI and the Ceylon Chamber of Commerce. This agreement formalizes their cooperation and aims to strengthen ties between private businesses, promoting more trade, investment flows, and knowledge sharing. The event also saw over 200 business-to-business (B2B) meetings, signaling a strong start to new partnerships and greater regional cooperation, marking a positive step for both trade and policy.
