Indo-Pak to have non-discriminatory market access to boost trade
Updated: Jan 18, 2014 04:56:19pm
New Delhi, Jan 18 (KNN) With the view to boost bilateral trade, India and Pakistan have agreed to establish non-discriminatory market access (NDMA) on reciprocal basis, keep Wagha-Attari border open 24 hours throughout the year and facilitate the opening of bank branches in each other's country.
“We have agreed that we will open Wagha-Attari border for trade 24X7...Central banks of the two countries in principally agreed to give banking licences to banks nominated by respective governments,” Commerce and Industry Minister Anand Sharma said at a joint press conference with his Pakistani counterpart Khurram Dastagir Khan.
Both Ministers reaffirmed the commitment of their Governments to expeditiously establish normal trading relations and in this context to provide Non-Discriminatory Market Access (NDMA), on a reciprocal basis.
“They decided to intensify and accelerate the process of trade normalization, liberalization and facilitation and to implement the agreed measures before the end of February, 2014,” the statement said.
The Ministers also noted that arrangements have been implemented by both sides to keep the Wagah – Attari Land Customs Station operational on all seven days of each week.
The Ministers emphasized the importance of trade facilitation measures and directed their respective Ministries to work out modalities for containerization of cargo, allowing all tradeable items by land route at Wagah, liberalization of business visa regime and enhancing operational hours at Wagha / Attari and to consider such other measures as deemed necessary by the business communities of the two countries.
“...there has been enhanced interaction between the business communities of both countries. Several trade delegations have been received on either side. A Joint Business Forum of Chief Executive Officers in different sectors have also met twice after the formation of the present Pakistan Government,” the statement added.
The Ministers also said that several sub-groups have been formed by the Joint Business Forum to enhance trade cooperation in diverse sector such as textiles, tourism, energy, light engineering, pharmaceuticals and others. The third meeting of this Joint Business Forum is scheduled in Pakistan for mid-February, 2014.
The two ministers also underlined the need for relaxing visa regime to facilitate travel of businessmen to each other’s country.
“For a robust economic relation to develop, businessmen of both sides need to visit each other’s country. (There is) need for further liberalisation of visa regime,” Sharma said.
As regards opening of branches, Khan said Pakistan has been waiting for the Reserve Bank of India to nominate banks that could be allowed to open branches in Pakistan.
The bilateral trade between the countries stood at USD 2.60 billion in 2012-13. (KNN Bureau/SD)
“We have agreed that we will open Wagha-Attari border for trade 24X7...Central banks of the two countries in principally agreed to give banking licences to banks nominated by respective governments,” Commerce and Industry Minister Anand Sharma said at a joint press conference with his Pakistani counterpart Khurram Dastagir Khan.
Both Ministers reaffirmed the commitment of their Governments to expeditiously establish normal trading relations and in this context to provide Non-Discriminatory Market Access (NDMA), on a reciprocal basis.
“They decided to intensify and accelerate the process of trade normalization, liberalization and facilitation and to implement the agreed measures before the end of February, 2014,” the statement said.
The Ministers also noted that arrangements have been implemented by both sides to keep the Wagah – Attari Land Customs Station operational on all seven days of each week.
The Ministers emphasized the importance of trade facilitation measures and directed their respective Ministries to work out modalities for containerization of cargo, allowing all tradeable items by land route at Wagah, liberalization of business visa regime and enhancing operational hours at Wagha / Attari and to consider such other measures as deemed necessary by the business communities of the two countries.
“...there has been enhanced interaction between the business communities of both countries. Several trade delegations have been received on either side. A Joint Business Forum of Chief Executive Officers in different sectors have also met twice after the formation of the present Pakistan Government,” the statement added.
The Ministers also said that several sub-groups have been formed by the Joint Business Forum to enhance trade cooperation in diverse sector such as textiles, tourism, energy, light engineering, pharmaceuticals and others. The third meeting of this Joint Business Forum is scheduled in Pakistan for mid-February, 2014.
The two ministers also underlined the need for relaxing visa regime to facilitate travel of businessmen to each other’s country.
“For a robust economic relation to develop, businessmen of both sides need to visit each other’s country. (There is) need for further liberalisation of visa regime,” Sharma said.
As regards opening of branches, Khan said Pakistan has been waiting for the Reserve Bank of India to nominate banks that could be allowed to open branches in Pakistan.
The bilateral trade between the countries stood at USD 2.60 billion in 2012-13. (KNN Bureau/SD)
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