8 January 2022 12:00 am Views - 120
Trade and investment, political cooperation, defence initiatives, tourism and labour issues dominated the discussion in Seoul, South Korea, between Foreign Minister Prof. G. L. Peiris and his counterpart Chung Eui-yong, a statement said.
A statement from the Foreign Ministry said, Prof. Peiris paid tribute to the multi-faceted relationship which had developed between the two countries during their 44-year relationship, and its present robust character.
The Minister referred to the first meeting of the Joint Economic and Trade Commission held in Colombo in June, 2018. The two Ministers agreed on giving priority to arrange an early date for the next meeting to carry forward a number of important matters.
The balance of trade between the two countries is significantly in South Korea’s favour, with exports from Sri Lanka into RoK being of the approximate value of USD 71 million, while imports into Sri Lanka from RoK is at the threshold of about USD 192 million. The Ministers agreed on exploring practical ways of overcoming some of the significant trade barriers, including in particular customs levies on value-added products such as flavoured teas.
Minister Chung Eui-yong responded positively to the request by Minister Peiris for enhanced dollar assistance from the EXIM Bank of RoK and greater development assistance from KOICA.