Sri Lanka and Russia are still committed to increasing their trade to $700 million annually despite the negative impact of the COVID-19 pandemic, which may delay the achievement of this target, Sri Lankan new Ambassador to Russia Prof. M.D. Lamawansa told Sputnik in his first interview since being appointed
MOSCOW (Pakistan Point News / Sputnik - 29th June, 2020) Sri Lanka and Russia are still committed to increasing their trade to $700 million annually despite the negative impact of the COVID-19 pandemic, which may delay the achievement of this target, Sri Lankan new Ambassador to Russia Prof. M.D. Lamawansa told Sputnik in his first interview since being appointed.
In 2018, Sri-Lankan-Russian trade stood at almost $400 million, but last year showcased a slight dip to some $370 million due to the Easter Sunday terror attacks, which rocked the island nation, according to the ambassador
"It might take a little longer, but it depends on how collectively we prioritize our schedules. Further, the trade basket requires diversification. Improving trade relations needs ongoing effort as the market needs are dynamic. The commitment shown by both sides in these directions is impressive. Trade is not just about selling something. It needs a certain framework to be put in place for which memorandums of understanding and regulations to be worked out. Contacts between regulatory bodies, agencies-to-agencies, business-to-business need to be established. We are in the process of doing the very same and we have already completed such tasks in certain areas. It is very important for Sri Lankan exports to meet the standards expected of Russia. With those in place, trade is going to improve," Lamawansa said.
In January, Russian Foreign Minister Sergey Lavrov visited Sri Lanka and commended the burgeoning trade and political cooperation between the countries. The minister has also called on Sri Lanka to diversify its exports to Russia, which mainly include textile and tea.
