Pakistan and Sri Lanka have decided to expand bilateral economic ties and explore new avenues of cooperation to take the relationship to new heights.

The visiting distinguished guest President of Sri Lanka held one-o-one meeting with Prime Minister Syed Yousaf Raza Gilani which was followed by delegation level talks.

The two sides discussed expansion of cooperation in economy, trade, defense, culture, tourism and media.

It was also agreed that the two countries will increase bilateral trade from the present volume of dollars 375 million to dollars 2 billion with in next three years through joint ventures, and improving business to business relations especially in cement, sugar and agriculture sectors.

In his remarks, the Prime Minister emphasized the need for exploring the true potential of trade between the two countries.

Gilani said the commonality of views on different international and regional issues is the hallmark of the bilateral relationship between the two countries.

The Sri Lankan President said his country looks forward for expansion of trade and economic ties with Pakistan. Later, the Prime Minister hosted a luncheon reception in honour of the President Mahinda Rajapaksa and members of his delegation.

The luncheon reception was also attended by members of the cabinet, Chief of Army Staff General Ashfaq Parvez Kayani, Chief of Air Staff Air Chief Marshal Rao Qamar Suleman and other high officials.