Clothing Trade Between Sri Lanka And Korea Is About To Expand.

Rishad Bathiudeen, Sri Lanka Minister of Commerce and industry met with Republic of Korea trade minister Sihyung Lee during the thirteenth Ministerial Conference of the conference of the Qatar National Conference Center in Doha in April 22nd.

South Korea's minister of Sihyung Lee informed Sri Lanka Minister of Commerce and industry Rishad Bathiudeen that bilateral talks will be held during the thirteenth Ministerial Conference of the conference of the general assembly of the Qatar National Conference Center in Doha.

Sri Lanka minister Bithiudeen said: "Sri Lanka is keen to study various channels to promote the export of Sri Lanka products to the Korean trade market, especially clothing and tea, whether it is Asia Pacific Trade Agreement or other mechanisms."

He said, as a preliminary step in this process, I would like to take this opportunity to explore the possibility of leading a Sri Lankan business delegation to participate in the 2012 World Expo, Lishui, Korea, 2012.

Sri Lanka and South Korea are members of the Asia Pacific Trade Agreement (APTA), formerly known as the Bangkok agreement, signed in 1975. Trade facilitation is aimed at promoting trade in the region through exchange of tariff concessions agreed by Member States.

Under the Asia Pacific Trade Agreement, Sri Lanka clothing is entering the Korean market.

However, clothing exports have been quite moderate, averaging about $65 million.

According to Sri Lanka's Ministry of Commerce, Sri Lanka -

Sri Lanka's main exports to Korea include coconut fiber, rubber products, clothing and accessories, secondhand inflatable rubber tires, furniture, Sri Lanka's main products imported from Korea, steel, boilers and machinery parts, knitted or crochet fabrics, light vehicles, fire boats, dredgers, rayon, cotton woven fabrics, special purpose motor vehicles, electrical machinery and equipment and parts, plastics and articles, etc.

In order to further promote bilateral trade, the Sri Lankan Export Development Council (KOIMA) signed a memorandum of understanding during the Expo in Sri Lanka in 2012 of March this year.