A free trade agreement between Bangladesh and Sri Lanka is currently being discussed to boost bilateral trade and the two countries’ governments will sign the agreement soon, Bangladesh Commerce Minister Tofail Ahmed has said.

“The proposal is now being discussed at the secretary level,” he said after meeting Sri Lanka’s High Commissioner in Dhaka Yasoja Gunasekara on Sunday, the Dhaka Tribune reported.

Tofail said the FTA deal would allow Bangladesh use of 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 Gunasekara said the deal will help increase bilateral trade between the two countries.

Despite the friendly relations, the bilateral trade volume between Bangladesh and Sri Lanka was just $ 75.45 million in 2015-16. Bangladesh imports from Sri Lanka were worth only $ 45.016 million as against $ 30.45 million in exports to Sri Lanka. Since 2012-13, the trade balance has been in Sri Lanka’s favour.