KARACHI (APP) - The bilateral trade between Pakistan and Bangladesh was growing at a rate of 10 percent per annum and is expected to cross $ 460 million this fiscal year. This was stated by the Deputy High Commissioner Bangladesh Saquib Ali while addressing members of Rice Exporters Association of Pakistan (REAP) at a luncheon meeting here Wednesday. He said that trade volume between the two countries had surged from $ 320 million in 2006-07 to $ 412 million in 2007-08 with balance of trade in Pakistans favour. He said cotton was the largest item of the total Bangladeshi imports from Pakistan. He underlined the need for exchange of trade delegations between the two countries. We need to shift from government-to-government contact to private sector contacts if we really want to boost the bilateral trade, he noted. Saquib Ali pointed out that Bangladesh produces nearly 28 million of coarse rice every year, which is 100 percent of its total requirements. He, however, mentioned that his country would need a buffer stock of about 1.6 million tons of rice to meet any eventuality in future. Consul General of Sri Lanka V S Sidhat Kumar emphasized on creating awareness among the business community about the free trade agreement between Pakistan and Sri Lanka to increase bilateral trade. He suggested REAP to submit a proposal for increasing rice quota under FTA from current 6000 metric tons to 15000 MT in the next meeting between the trade officials of Pakistan and Sri Lanka. He said that Sri Lanka was producing 2.6 million tons of coarse rice which meets 95 percent of domestic requirements. Kumar said that Sri Lanka imports about 8400 MT of basmati rice to meet the demand for high quality rice in the country. To a question, he said Sri Lankan trade with other countries including Pakistan will grow after the elimination of Tamil Tigers.