He said the timeline, which is considered reasonable, would also depend on the negotiations between both countries.

"They can be quite tough as consultations among stakeholders, industry as well as the peoples for both countries, such as on tax duties, are needed. Even the Trans-Pacific Partnership Agreement, for example, needs five years to be concluded.

"We hope this proposal will be considered by our government and once we get the necessary approval, the next process can be started," he told press conference after the Seminar on Business Opportunities in Malaysia here today.

Malaysia's trade with Sri Lanka amounted to US$570 million (US$1 = RM4.00) last year with exports at US$480 million and imports US$90 million.

The major exports to Sri Lanka were palm oil and palm-based products, which made up 18 per cent of the total; chemicals and chemical products (14.7 per cent); petroleum products (10.6 per cent); electrical and electronics products (9.4 per cent); and, machinery, appliances and parts (8.6 per cent).

Earlier, at a meeting with Sri Lanka's Minister of Development Strategies and International Trade, Malik Samarawickrema and Minister of Industry and Commerce Rishad Bathiudeen, Mustapa said, Malaysia would explore the possibility of clinching a FTA with Sri Lanka in efforts to take bilateral ties to a significantly higher level.

Mustapa, who is leading a 44-member trade and investment mission to India and Sri Lanka from May 1-7, said he would bring up this issue at the Cabinet meeting when he returns to Malaysia.

"There are lots of complementaries and opportunities in trade and business as well as investments between Malaysia and Sri Lanka to explore," he said.

Also present were Malaysian High Commissioner to Sri Lanka, Wan Zaidi Wan Abdullah, the Commission Second Secretary/Head of Chancery, Azhar Mat, Malaysian Investment Development Authority (MIDA) Deputy Chief Executive Officer II, Datuk N. Rajendran, and Malaysia External Trade Development Corp (Matrade) Senior Director Strategic Planning Division, Wan Latiff Wan Musa.

He said Sri Lanka was a promising market for Malaysia as both countries shared similar cultural and geographical linkages.

"We should be working more closely now so as to boost economic ties in the future," he said, adding that Malaysian companies were keen to do more businesses and forge partnerships in Sri Lanka.

Samarawickrema said Sri Lanka would like to gain experience from Malaysia in terms of social-economic infrastructure in view of the successful economic transformation spearheaded by the Performance Management and Delivery Unit, which now has a presence in South Africa and Tanzania.

"We would also like to invite Malaysian companies to have collaborations with us in the tourism and transportation sectors such as building up the private education institutions," he said.

Bathiudeen said both countries needed to work hard together to explore the potential opportunities especially between each other's private sectors.

Last year, Sri Lanka's exports to Malaysia amounted to US$35 million while imports stood at US$512 million.

He said the major imports included animal or vegetable fats and oils, machinery and mechanical appliances and wood and articles of wood while export products comprised rubber and rubber products, apparel and clothing, coffee, tea; and, spices.

The mission, organised by MIDA and Matrade, comprises small and medium enterprises which are keen on seeking opportunities in the South Asian nation.

(From Nurunnasihah Ahmad Rashid - bernama.com)