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Pak-India trade: New gate inaugurated at Wagah Border
LAHORE: Giving impetus to people-to-people contact and trade ties with India, Pakistan on Friday opened a modern “trade gate”, equipped with a dedicated passenger terminal and sprawling cargo facility, Geo News reported.Chief Minister Punjab, Shahbaz Sharif, who was accompanied by Commerce Minister Makhdoom Amin Fahim and other dignitaries from Pakistan, inaugurated the new trade gate.
From the Indian side, Home Minister P Chidambaram along with Commerce & Industry Minister Anand Sharma, and (Indian) Punjab Chief Minister Prakash Singh Badal opened their Integrated Check Post (ICP).
Talking to media after opening the new trade route, Shahbaz Sharif welcomed the initiative taken by both the neighbor countries to boost bilateral trade.
Analysts said it will be a boon to normalize bilateral commerce, which is expected to grow after Pakistan removed restrictions on imports from India last month, shifting trade from positive to negative list regime.
According to India media, this is first-of-its-kind Integrated Check Post (ICP).
ICP comprising 118-acre passenger terminal, manned by immigration staff is equipped with 16 baggage X-ray scanners. It also has 4,700 square metre cargo handling facility and 55,000 sqm parking space. With help of 230 close-circuit TVs, area will be guarded by Indian Border Security Force, officials said.
Excepting about 1200 items, Pakistan now allows import of all other Indian goods even as only about 135 items are allowed through land route.
Earlier in the day, Sharma after talks with Amin Fahim in New Delhi said India will allow foreign direct investment (FDI) from Pakistan. “India has taken in-principle decision as part of process to deepen our economic engagement to allow FDI from Pakistan,” he added.
The two countries have agreed to liberalize and give multiple entry business visas. Talks are on to allow banks from both countries to open cross-border branches.
Courtesy www.geo.tv