News
Thursday, February 16, 2012
Pakistan, India vow to remove trade barriers* Sign pacts on customs cooperation, mutual recognition and redressal of trade grievances
* Mull opening bank branches
ISLAMABAD: Pakistan and India on Wednesday signed three trade agreements with pledges to adhere to all the accords in letter and spirit and build bridges of understanding to lead the two countries towards prosperity and stability.
The two sides signed Customs Cooperation Agreement, Mutual Recognition Agreement and Redressal of Trade Grievances Agreement to build confidence of the business community on both the sides.
The agreements were signed at the conclusion of bilateral trade talks between the commerce ministers of Pakistan and India. Through the implementation of these agreements, the two countries will systematically address the issues related to non-tariff barriers.
Addressing a press conference, Commerce Minister Makhdoom Amin Fahim said that Pakistan and India had agreed to continue the process of normalising trade relations between the two countries.
He said trade barriers would be removed to improve bilateral trade relations between the two countries. He said that Pakistan wanted to create friendly atmosphere to facilitate business communities of the two countries.
Indian Commerce Minister Anand Sharma said that India had offered Pakistan a market of 1.2 billion people and the two countries could benefit from opportunities on both sides of the border.
“We are here to building bridges between Pakistan and India,” Sharma said. He said that officials from the Reserve Bank of India and State Bank of Pakistan were scheduled to meet in the first week of March to discuss matters relating to the opening of bank branches on a mutual basis.
Replying to a question, Commerce Secretary Zafar Mehmood contradicted the impression that Pakistan has rejected the negative lists for trade with India.
“We have not rejected the list but referred it to different committees and stakeholders for their input and suggestion. After getting the input, it will be presented in the next cabinet meeting for approval.”
It was also agreed that the possibility of opening the Munabao-Khokhrapar route in Sindh province would be explored.
According to a statement, the joint working group of Ministry of Interior and India’s Ministry of Home Affairs is working on an agreement on visa facilitation for businessmen across the border.
A meeting of Expert Group on Electricity would be held in March in Lahore to finalise the modalities of electricity trade between the two countries, the statement said, adding that earlier the group had held its meeting in October last year in New Delhi.
It said that Trade Development Authority of Pakistan (TDAP) would be organising a lifestyle exhibition in New Delhi in March, while TDAP and Indian Trade Promotion Organisation (ITPO) have also planned participation in five ITPO-organised fairs for 2012-13.
Separately, Sharma also called on Prime Minister Yousaf Raza Gilani at PM’s House and praised “the warmth and hospitality extended to the Indian delegation by the business community of Pakistan”, a press release said. app
Courtesy www.dailytimes.com.pk