Press briefing of Cabinet Decision taken on 2010-12-08

Ninth Session of the Joint Commission for Economic Co-operation between Sri Lanka and Iran 13-15 September 2010, Colombo

- the 9th Session was held in Colombo from 13th to 15th September 2010. Iran is Sri Lanka's 6th largest trading partner recording a total value of two-way trade of nearly US $992 million in 2009. With regard to the main export item of tea, Iran agreed to study the inclusion of preferential tariff quota on annual basis for tea exported from Sri Lanka and agreed that part of the quota could be used for packaging of Sri Lankan tea in Free Trade Zones in Iran by Sri Lankan companies or joint ventures formed with Iranian and Sri Lankan companies. Covering approval of the Cabinet was granted for signing of the Memorandum of Understanding (MOU) of the 9th Session of the two countries.