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The South Asian Free Trade Area (SAFTA) is a 2004 agreement that created a free-trade area of 1.6 billion people in Afghanistan, Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan and Sri Lanka with the vision of increasing economic cooperation and integration.
On 6 June 1997, a new sub-regional grouping was formed in Bangkok under the name BIST-EC (Bangladesh, India, Sri Lanka, and Thailand Economic Cooperation). [12] [13] Following the inclusion of Myanmar on 22 December 1997 during a special Ministerial Meeting in Bangkok, the Group was renamed 'BIMST-EC' (Bangladesh, India, Myanmar, Sri Lanka and Thailand Economic Cooperation).
The Bangladesh-Sri Lanka joint working group was formed in 2013 to increase trade. The two countries have agreed to sign a shipping agreement. [ 11 ] In 2013, Bilateral trade between the two countries crossed the 100 million dollar mark.
The Ministerial Decision on Modalities of 2 December 2009 [12] included, in par. 7, "(a) an across-the-board, line-by-line, linear cut of at least 20 per cent on at least 70 per cent of their dutiable tariff lines; or (b) in the case of Participants with duty-free tariff lines accounting for more than 50 per cent of their total national tariff ...
Sri Lanka The Asia-Pacific Trade Agreement (APTA) , previously known as the Bangkok Agreement [ 1 ] and renamed 2 November 2005, [ 2 ] was signed in 1975. It is the oldest preferential trade agreement between countries in the Asia-Pacific region.
Sri Lanka Railways began partnering with ExpoRail and Rajadhani Express in 2011 for premium service on major routes. [ 13 ] [ 14 ] Its northern line , affected by almost three decades of war, is being rebuilt; in 2015, it was restored to Jaffna and Kankesanthurai at pre-war levels The maximum speed on this line is currently 120 km/h(74 mph). [ 15 ]
Services accounted for 58.2% of Sri Lanka's economy in 2019 up from 54.6% in 2010, industry 27.4% up from 26.4% a decade earlier and agriculture 7.4%. [41] Though there is a competitive export agricultural sector, technological advances have been slow to enter the protected domestic sector. [42]
Sri Lanka: 4 March 1972: See Bangladesh–Sri Lanka relations. Both countries established diplomatic relations on 4 March 1972 when Sri Lanka recognized Bangladesh. The Bangladeshi High Commission in Sri Lanka was established on 21 April 1976. [220] Relations are historically tied together even beyond the sub-continent's colonisation by the ...