Efforts to be stepped up to realise potential:

Sri Lanka, Pakistan target $2 billion in trade by 2015

President Mahinda Rajapaksa and Pakistani President Asif Ali Zardari have called for enhancing bilateral trade, targeting US$ 2 billion by 2015 from the current US$ 375 million. Pakistan is the second largest trade partner of Sri Lanka.

During extensive discussions, the two leaders called to step up efforts to fully realise the potential of the Sri Lanka-Pakistan Free Trade Agreement and build a mutually beneficial economic and trade partnership.

The setting up of a direct shipping service for enhancing trade between the two countries was also proposed during the talks.

President Rajapaksa is on a three-day State visit to Pakistan.

The Pakistan President has called for further exploration of the currency-swap agreement with Sri Lanka, which he said, would provide huge incentives to business houses in both countries to actively explore and enhance business linkages.

Matters regarding bilateral relations, mutual cooperation with special reference to trade and commercial ties and regional and international issues were discussed during the meeting.

The two leaders stressed the importance of enhancing defence and security cooperation. According to Pakistan media reports, Islamabad assured Colombo of its continued assistance in the field of defence and security in a clear sign that the two countries were ready to take their relationship to new heights.

The Pakistan President, recalling his previous visit to Colombo in November 2010, said the two countries had always enjoyed special bonds of affinity. He said that the relations had also been marked by a measure of consistency and commonality of views on important regional and global issues and added that the two countries had stood together and supported each other in all important matters concerning the two countries.

President Rajapaksa thanked Pakistan for its unwavering support to eliminate terrorism in Sri Lanka.

He said his country attached great importance to its strategic and special relations with Pakistan and hoped to strengthen trade and commercial ties.

The two leaders also called upon the business community and Chambers of Commerce of the two countries to fully avail the huge trade and business potential the two countries offered in diverse fields, including finance and banking sectors, science and technology, defence, agriculture, tourism, gems and jewellery.

President Zardari commended the Sri Lankan Government for the important contribution in assisting Pakistan to cope with the outbreak of dengue fever last year.Pakistan and Sri Lanka are due to sign an agreement during President Rajapaksa’s visit under which Sri Lanka would receive US$ 200 million export credit facility through the State Bank of Pakistan. President Rajapaksa was also due to visit the Buddhist heritage site in Taxila.

Pakistan Foreign Minister Hina Rabbani Khar, Interior Minister Rehman Malik, Adviser to Prime Minister on Finance Abdul Hafeez Shaikh, Secretary General to the President Salman Faruqui, Saleem H Mandviwala, Foreign Secretary Salman Bashir, Special Secretary Major Haroon Rashid, Pakistani Ambassador to Sri Lanka Seema Ilahi Baloch, and other senior officials were also present. President Rajapaksa was assisted by External Affairs Minister Prof GL Peiris, Deputy Minister Duminda Dissanayake, Monitoring MP Sajin de Vass Gunawardena, Secretary to the President Lalith Weeratunga, Ministry of External Affairs Secretary Karunatilaka Amunugama and Sri Lanka’s High Commissioner in Pakistan Jayalath Weerakkody.