Prime Minister Modi, who arrived here this morning on the final stop of his three-nation tour of Indian Ocean island nations, met Lankan President Maithripala Sirisena and discussed bilateral and issues of regional importance.
"I am conscious of the significance of this visit. This is the first stand alone bilateral visit by an Indian Prime Minister since 1987," Modi said at a joint press meet with Sirisena, who was in India last month on his first foreign trip after assuming office in January.
The two sides signed four agreements on visa, customs, youth development and building Rabindranath Tagore memorial in Sri Lanka.
"The agreement today on cooperation between our customs authorities is a step in that direction. It will simplify trade and reduce non-tariff barriers on both sides," he said.
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Modi said the progress made by two countries reflects "our shared commitment to stronger economic cooperation".
"Our trade has seen impressive growth over the past decade. I am aware of your concerns about trade with India. As I said in Delhi, we will try and address them," he said.
"This will be used to procure rolling stock, and to restore and upgrade existing railway track," he said.
The Prime Minister also said that the Reserve Bank of India and the Central Bank of Sri Lanka have agreed to enter into a Currency Swap Agreement of USD 1.5 billion to help keep the Sri Lankan rupee stable.
He lauded the efforts of newly elected President Sirisena and assured him of all help from India.
"We believe that early and full implementation of the 13th Amendment and going beyond it would contribute to this process," said Modi, who is here as part of his three-nation tour of Indian Ocean island nations that took him to Seychelles and Mauritius.