Pakistan, Sri Lanka To Increase Trade To $2b

Islamabad, Feb. 12, IRNA – Visiting Sri Lankan President, Mahinda Rajapkasa and Prime Minister, Yusuf Raza Gilani Saturday agreed to enhance trade between the two countries up to two billion US dollars during the next three years, officials said. The volume of current bilateral trade stands at $375 million. ”The two held bilateral talks and agreed to continue their cooperation in the fields of defence, agriculture, banking, shipping and tourism,” a statement from the Prime Minister’s office said. The Sri Lankan President agreed to continue the defence cooperation between the two countries, it said. Both sides agreed to make Joint Ministerial Commission more effective aimed at enhancing cooperation in all sectors compatible to their ties. Next meeting of the Joint Ministerial Commission will be held in Colombo this year. They agreed to explore opportunities of investments in various sectors especially in the fields of construction, education, agriculture and shipping, the statement said. Both sides also agreed to explore the vistas in the fields of banking and the State Bank of Pakistan would discuss the currency swap to boost trade between the two countries. The establishment of National Bank of Pakistan in Sri Lanka was also discussed, the establishment of which will increase trade between the two countries. Both the sides agreed to extend technical cooperation in the fields of agriculture and textile in which Pakistan has developed expertise. Prime Minister Gilani said that the concurrence of MoU by the Sri Lankan government may be expedited. The Sri Lankan President extended his deep sense of gratitude to Pakistan for helping in surmounting the cause of terrorism in his country. The Prime Minister said that Pakistani nation was happy that Sri Lanka was on the trajectory of development and progress with 8% per annum GDP growth. The two sides emphasized on the need to exchange Parliamentary and Media delegations aimed at enhancing people to people contact to further strengthen the relations between the people of the two countries. Pakistan side included Minister for Foreign Affairs Mrs Hina Rabbani Khar, Adviser to Prime Minister on Finance Dr Abdul Hafeez Sheikh, Minister for Information Dr Firdous Ashiq Awan, Minister for State & Frontier Regions Engr Shaukatullah, Chairman Board of Investment, Secretaries Defence, Professional and Technical Training and Foreign Affairs, Pakistan High Commissioner to Sri Lanka and other senior officials. Sri Lankan side included Minister for External Affairs Prof G.L. Peiris, High Commissioner to Pakistan Air Chief Marshal Jayalath Weerakkody, Deputy Minister of Youth Affairs and Skills Development Duminda Dissanayake, Deputy Minister of Technology and Research Faiszer Musthapha and senior officials./end