Bilateral trade between Sri Lanka and Pakistan to reach US$ 1 billion in next 5 years

Sri Lanka and Pakistan should aim to increase the current level of bilateral trade between the two countries to US$ 500 million or even US$ 1 billion by 2015, the newly appointed Council General of Sri Lanka to Karachi, D. W. Jinadasa has said.

The Sri Lankan diplomat has told the Pakistan newspaper Daily Times that although the rise in trade between the two countries from US$158 million in 2005 to US$ 252 million in 2009 was encouraging, the real potential of bilateral trade is yet to be explored.

Jinadasa has said that he believes a target of US$ 1 billion is within reach in the next five years given the special characteristics of the cordial relations, positive economic fundamentals, and keenness at the highest level followed by close proximity between the two nations.

"Politically and economically, our ties are sound and are growing from strength to strength. The signing of the Free Trade Agreement in 2002 and its implementation in 2005 were significant milestones in our bilateral relations," he was quoted by Daily Times.

"It has further consolidated, enhanced, and strengthened our bilateral ties," Jinadasa has observed adding that he would continue with the efforts made by his predecessors.