"The two sides agreed to make every effort to further strengthen their multifaceted and multi-sectoral cooperation in the fields of education, culture, commerce and trade, science and technology, defence and tourism," it said.
Rajapakse is accompanied by his brother Gotabaya Rajapakse, who is the top official in Sri Lanka's defence ministry.
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Pakistan is a key supplier of small arms to Colombo and provides training to Sri Lankan security forces.
The two countries entered into a bilateral free trade agreement last year.
The two sides also agreed on enhancing people-to-people contact by greater collaboration in the field of tourism.
They signed a memorandum of understanding on promotion of tourism and another for setting up a joint business council by their chambers