Commerce Minister Tofail Ahmed has said the government will sign free trade agreement (FTA) with Sri Lanka soon to boost bilateral trade according to Dhaka Tribune.

“The proposal is now being discussed at the secretary level,” he said after meeting Sri Lanka High Commissioner Yasoja Gunasekera on Sunday.

Tofail said the FTA deal would allow Bangladesh use the Colombo port that would save three days for local importers or exporters.

“We will be able to export pharmaceuticals, paper and cement at low import duties after the FTA is signed,” he added.

High Commissioner Gunasekera said the deal would help increase bilateral trade between the two countries.

The bilateral trade volume was just $75.45 million in 2015-16. During this period, Bangladesh’s trade deficit $15.55 million.

Since 2012-13, the trade balance has been in Sri Lanka’s favor.