Chief monks belonging to both the Theravada sect and the Mahayana sect met in Sri Lanka in the year 1966 and approved the following "Basic Points Unifying the Theravada and Mahayana":
- Buddha is our only Master.
- We take refuge in the Buddha, the Dhamma and the Sangha.
- This world is not created and ruled by a God.
- The purpose of life is to develop empathy for all living beings without prejudice and to work for their good, happiness, and peace. Last but not the least; we need acquire acumen that will lead to the realization of Ultimate Truth.
- We accept the Four Noble Truths of Buddhism
- All accustomed things (Samskaara) are transient (Anitya) and Dukkha and all conditioned and unconditioned things (dharma) are without self (Anaatma).
- The Thirty-seven qualities helpful in Enlightenment are different aspects of the path taught by the Buddha.
- There are three ways of attaining Enlightenment, namely as a Disciple, as a Pratyeka-Buddha and as a Samyak-Sam-Buddha. The life of a Bodhisattva, who is striving to become a Samyak-Sam-Buddha, is the highest, noblest and the most heroic.
- The different Buddhist beliefs, practices, rites and ceremonies, customs and habits followed in different countries should not be confused with the essential teachings of Buddha.
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