Industry and Commerce Secretary T.M.K.B. Thennakoon (right) and Russian Agriculture Deputy Minister and Head of Federal Agency for Fishery Ilya Shestakov (left) exchanging the agreed minutes of first Sri Lanka-Russia Intergovernmental Joint Commission on Trade, Economic, Science and Technical Cooperation in Moscow on February 12
The first-ever Sri Lanka-Russia official trade talks were successfully concluded in Moscow on February 12. The talks covered a wide array of relevant topics-with the Russian side showing an extra interest in agricultural cooperation. The Sri Lanka-Russia Intergovernmental Joint Commission on Trade, Economic, Science and Technical Cooperation is one of the primary mechanisms to discuss the ways and to resolve various issues and boost bilateral trade, scientific and technical cooperation.
The sessions, initiated and organised by the Commerce Department of Sri Lanka (DoC), began on February 10 and concluded on February 12. Industry and Commerce Secretary T.M.K.B. Thennakoon led the Sri Lankan delegation joined by Ambassador of Sri Lanka to the Russian Federation Dr. Saman Weerasinghe and Director General Commerce Sonali Wijeratne. The Russian side was led by Russian Federation Agriculture Deputy Minister and Head of Federal Agency for Fishery Ilya Shestakov, Ambassador of the Russian Federation to Sri Lanka Alexander A. Karchava.
“The launch of the Intergovernmental Commission mechanism between Sri Lanka and Russia will improve the efficiency of bilateral trade-economic and scientific-technical cooperation due to its systemic outlook. We would like more fishery products as well as fruits and vegetables from Sri Lanka. Sri Lankan fruits and vegetables are no threat to Russian farmers,” said Minister Shestakov.
The talks spanned a wide array of relevant topics - trade, investment, education, industry, customs, technical and science - with the Russian side showing an extra interest in agricultural cooperation.
During the bilateral talks, Mr Shestakov stressed the importance of establishing a joint working group in agriculture to further develop bilateral relations between the countries. Ilya Shestakov also expressed Russia’s interest in purchasing more seasonal fruits and vegetables and fishery products from Sri Lanka, adding that Russian cereals could have an appeal for the Lankan market.
According to the Russian Federal Customs' data, bilateral trade between Sri Lanka and Russia in 2015 stood at US $ 437 million. According to the Commerce Department of Sri Lanka, total trade between Sri Lanka and Russia has been growing significantly since the disintegration of the former Soviet Union in 1991. Sri Lankan exports to Russia in the first nine months of 2015 stood at US $ 152 million and imports at US $ 161 million.
Currently Sri Lanka’s major export item to Russia is tea, which accounts for nearly 85 percent of total exports. Other items that Sri Lanka exports to Russia are apparels, activated carbon, rubber and industrial gloves, coconut fibres, paper or paperboard labels, mattress supports and retreated or used tyres plastics. Sri Lanka’s imports from Russia showed a positive trend in the past few years and the major import items from Russia are semi finished products of coal, iron, wheat, fertilizers, asbestos, paper and cardboard products, and self-adhesive plates (Potassium Chloride).
