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Sri Lanka and Pakistan are "refining" the decade-old free trade agreement (FTA) to expand the portfolio of tradeable items and encourage bilateral investment.
The two countries are in the process of "refining" the FTA with an aim to expand the portfolio of tradeable items and encourage bilateral investment, High Commissioner of Pakistan in Sri Lanka Syed Shakeel Hussain said.
"Pakistan and Sri Lanka have intensified engagement and undertaken substantive measures to further deepen and broaden the economic and political relationship between the two sides" Hussain said during a ceremony held to mark the 76th National Day of Pakistan.
He said Pakistan is engaged in Sri Lanka's social sector development process supporting construction of schools, hospitals, houses for refugees, clean drinking water supply projects, and setting up computer training centres.
The bilateral trade between Pakistan and Sri Lanka has not shown promising growth despite the existence of the FTA since June, 2005. At present, the volume of trade between Pakistan and Sri Lanka is $350 million, which the two countries want to increase to $1 billion by expanding its scope.
In January, the two countries agreed on the inclusion of services and investment in the bilateral free trade agreement.
