COLOMBO: Iranian Energy Minister Hamid Chitchian (left) and Minister of Industry and Commerce Rishad Bathiudeen exchange the finalized minutes of the 11th Joint Commission for Economic Co-operation (JCEC) sessions
The 11th round of Iran-Sri Lanka trade talks wrapped successfully on Wednesday in Colombo.
The first trade talks to be held with Sri Lanka by a post-sanctions Iranian administration, the tightly scheduled one-day Colombo sessions deliberated on a multitude –but critical- gamut of issues that spanned from trade, energy to mining, culture and health.
“The five committees completed their work based on cooperation efforts of JCEC. The presence of the private sector in the formulation of articles is very effective” declared the powerful Iranian Energy & Water Minister Hamid Chitchian on 25 February in Colombo.
Iranian Minister Chitchian, delivering his closing remarks at the conclusion of the 11th Joint Commission for Economic Co-operation (JCEC) session in Colombo said, “The agreed items are based on the political will of both sides as well as previous bilateral experience of both sides. I and my team thank the Minister Bathiudeen and his Department of Commerce for the great hospitality extended to us during this visit.”
According to the Department of Commerce, total trade between the two countries surpassed US$ 1 billion in 2008 for the first time, then decreased to US$ 162 million in 2015 due to unconditional decrease of imports from Iran specially on importation of petroleum oil. The major Sri Lankan product in the exports of Iran is Tea, taking 83 percent of the total exports in 2015.
Minister of Industry and Commerce Rishad Bathiudeen stressed of the historic goodwill between both countries and said: “I understand that this session has been able to lay the foundation for some new MOUs that are of importance to both countries. I am delighted to note that your side has agreed to provide technical co-operations relating to many fields. I congratulate both delegations for their hard work and successful outcomes achieved during a short period of time.
“I believe that the MOU proposed by Sri Lankan side on the tea industry at this JCEC will garner more opportunities for the establishment of Ceylon Tea identity in the Iranian market, subject to the acceptance by people of Iran. We call for Iranian investment and joint ventures in the industrial sectors, and partner with the economic prosperity and reforms of Sri Lanka as per the vision of President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe.”
Iranian Minister Chitchian led a 30-member public and private sector delegation to the 11th JCEC in Colombo.