Pakistan and Sri Lanka signed eight agreements and MoUs in Colombo on Tuesday.
These are related to defense, security, anti-terrorism, trade and science and technology.
Prime Minister Nawaz Sharif and Sri Lankan President Maithripala Sirisena were present at the ceremony of signing agreements.
Speaking on the occasion, Nawaz Sharif said there are vast opportunities for bilateral trade and quantum of trade will be taken to one billion dollars annually.
He said Pakistan is cooperating with Sri Lanka in the defense sector and the two countries will work together to choke financial assistance to terrorists.
The Prime Minister said the two countries intend to strengthen bilateral relations as they have unanimity of views on the international and regional issues.
Nawaz Sharif said his visit is reflective of close relationship between the two countries.
He said Pakistan is ready to give Sri Lanka the most favoured nation (MFN) status in trade.
Addressing the function, Sri Lankan President said his country enjoys close relationship with Pakistan in all sectors.
He said Sri Lankan people acknowledge the role of Nawaz Sharif in promotion of bilateral relations.
He said the leadership of Prime Minister Nawaz Sharif has created political stability in Pakistan.
