ISLAMABAD, Feb 16: Prime Minister Shaukat Aziz has said Pakistan is fully committed to implementing the South Asian Free Trade Agreement (Safta).

He stated this while talking to Rohitha Bogollagama, Foreign Minister of Sri Lanka, who called on him at the Prime Minister’s House on Friday. Pakistan believed that Safta would enhance trade among the Saarc countries, thereby achieving the grouping’s goals, said Mr Aziz.

Dialogue between Saarc member countries could help in resolving all outstanding issues, said the premier. Saarc could serve as a platform to promote regional cooperation, peace, prosperity and sharing of best practices in South Asia.

He said the signing of a Free Trade Agreement (FTA) between Sri Lanka and Pakistan would further strengthen the economic and trade ties between them. He, however, pointed out that the current volume of trade between the two countries – hovering over the $200 million mark – was much below its potential.

It was decided at the meeting that a target of $1 billion would be set for bilateral trade between the two countries which could be met by leveraging the huge potential provided by the FTA.

The prime minister said Pakistan and Sri Lanka were cooperating towards capacity building by offering scholarships and professional training in medicine, engineering and banking. Air traffic should be increased between the two countries.

The foreign minister of Sri Lanka said his country looked with admiration at the vibrancy and growing strength of the Pakistani economy. He said Pakistan was a true friend of Sri Lanka’s and the assistance it had provided to Colombo over the years was appreciated by all Sri Lankans.

He also lauded Pakistan’s efforts to expand cooperation among Saarc countries.