(BSS) - Dhaka and Colombo have put emphasis on accelerating negotiations over signing the Preferential Trade Agreement (PTA) at the earliest to unlock the untapped potential of bilateral trade between Bangladesh and Sri Lanka.

The intention was observed when Sri Lankan High Commissioner to Bangladesh Dharmapala Weerakkody met Foreign Secretary Md. Jashim Uddin at the foreign ministry here on Tuesday, said a press release here today.

During the meeting, the Foreign Secretary outlined the reform initiatives and priorities of the interim government aimed at ensuring free, fair and participatory elections.

While taking stock of the pending agreements and Memorandum of Understandings (MoUs) between the two countries, both sides stressed the importance of finalising agreements on coastal shipping, avoidance of double taxation, and mutual administrative assistance in customs matters.

They underscored the need for holding Foreign Office Consultations between Bangladesh and Sri Lanka to discuss the entire gamut of bilateral relations.

The high commissioner mentioned that Sri Lanka would propose dates for the next Foreign Office Consultations after the parliamentary elections in Sri Lanka set to take place on November 14 next.

Both sides agreed on working closely at SAARC, BIMSTEC and other regional and multilateral fora.