Sri Lanka-Iran Preferential Trade Agreement
Note: Any customs union, every common market, any economic union, the Customs and Monetary Union and the Economic and Monetary Union are also a free trade area. List of agreements being negotiated. Agreements that have so far been discussed only in the absence of formal action by the parties concerned are not mentioned. It is a list of free trade agreements between two parties in which each party could be a country (or another customs territory), a trade bloc or an informal group of countries. Sri Lanka has preferential and free trade agreements with India, Pakistan, Iran, Egypt, Singapore and Israel. It is in the process of extending its agreement with India to a much broader agreement. Turkey has bilateral and multilateral agreements: at the ninth session in Colombo from 13 to 15 September 2010, both Iran and Sri Lanka acknowledged that the current pattern of trade, although somewhat modest, provided considerable leeway for the expansion of trade between the two countries. Afghanistan has bilateral agreements with the following countries and blocs: The People`s Republic of China has bilateral trade agreements with the blocs, countries and its two specific administrative regions: Trade between Sri Lanka and Egypt took place in freely convertible currencies until 1954, when the two countries moved to a “trading system” regulated by an exchange and payment account. Trade took hold until the mid-1970s, until the signing in 1977 of a new bilateral trade agreement that abandoned the trading system and facilitated trade management in a more dynamic way. The new agreement included hard currencies as a means of settling trading exchanges. In order to further strengthen bilateral relations, Sri Lanka and Egypt signed an economic and technical cooperation agreement in 1987 that paved the way for the creation of a single Commission and subcommittees to address broader and specific trade issues.
That is why, in 1990, the first meeting of the “Common Trade Committee” was held in Sri Lanka. The two governments then agreed to value the Joint Committee on Trade at the level of a joint commission, which will be co-chaired by the trade ministers of the two countries.