COLOMBO: Sri Lanka and Pakistan have agreed to increase trade and investment relations under the existing Free Trade Agreement (FTA) to reach the target of $ 1 billion trade by 2018, a Foreign Ministry statement said here Thursday.
In the Sri Lanka-Pakistan Foreign Office consultations held in Colombo this week, the two countries decided to use the FTA to its maximum potential.
Pakistan and Sri Lanka signed an FTA in July 2002 and it became operational in June 2005.
Following the signing, Pakistan’s exports to Sri Lanka grew from $ 154 million in 2004 to $ 316 million in 2013. Sri Lanka’s exports to Pakistan grew from $ 46 million to $ 63 million in the cited period of time.
