Pakistan, Lanka target $1 bn trade

Pakistan and Sri Lanka on Thursday decided to work together to achieve the target of US$ one billion in bilateral trade in the next few years, the News Network International (NNI) news agency reported.

The two countries reached an agreement during the bilateral talks between Foreign Minister Rohitha Bogollagama and his Pakistani counterpart Inam ul Haque, a Foreign Office statement said.

Both sides recognised the need to expand the scope of the FTA by including trade in services, investment and trade facilitation. Minister Bogollagama highlighted the need to conclude a Comprehensive Economic Partnership Agreement (CEPA) between the two countries.

“The discussions also covered some specific areas for trade promotion, joint ventures and investments,” said the statement. The talks covered bilateral, regional and international issues and the Ministers noted the similarity of views on issues of promotion of peace, regional stability and socio-economic progress, the statement said.

Both of them affirmed their resolve to further strengthen the already existing bilateral cooperation in various fields including trade, education, culture, tourism and defence between the two countries.

The two sides expressed their resolve to combat extremism and terrorism for preserving shared global values of peace, progress and prosperity.

They agreed on the need to increase people to people contact by focusing on religious tourism from Sri Lanka to various Buddhist sites in Pakistan.

The Ministers expressed happiness over the excellent relations between the two countries.

The Pakistan Minister said that the request of Sri Lanka for long term multiple entry visas for bona fide businessmen is favourably considered and in this regard necessary instructions will be issued for implementation.

Further the Pakistan side informed that Sri Lanka’s request for reducing work visa fee for Sri Lankan workers in Pakistan on a reciprocal basis will be communicated to the concerned authorities for consideration.

The two Ministers also agreed to expedite conclusion of the Agreement on exemption of visa for diplomats and officials of the two countries.

The Sri Lankan Minister stressed the need for effective connectivity measures between the two countries and proposed a liberal and flexible air services arrangement between the two countries.

The Pakistan side informed that the bilateral meeting on air services which will be held soon in Pakistan will look into the possibilities of revising the existing Agreement. The Ministers also felt the need to revive the shipping service between the two countries.