ISLAMABAD, Jan 31: Pakistan and Sri Lanka on Thursday agreed to strengthen their ties and increase the volume of bilateral trade to $1 billion by expanding the scope of Free Trade Agreement (FTA).

“We will work to take the volume of bilateral trade to $1 billion in coming years,” said Sri Lankan Foreign Minister Rohitha Bogollagama while addressing a press conference.

Mr Bogollagama, who is on a two-day visit to Pakistan, held bilateral talks with his Pakistani counterpart Inamul Haq and later called on President Pervez Musharraf and caretaker Prime Minister Mohammadmian Soomro.

The foreign ministers reviewed the progress made in strengthening trade and economic cooperation since the bilateral Free Trade Agreement (FTA) was signed.

Mr Haq stressed the need to expand the scope of the existing FTA by including trade in services, investment and trade facilitation.

Discussions also covered some specific areas for trade promotion, joint ventures and investments.

Mr Bogollagama told the press that Sri Lanka had expressed its desire to benefit from the expertise of Pakistan in the field of oil exploration.