New Delhi, India and Pakistan committed to further liberalize trade with the major movements such as opening a customs office and the second largest number of visas, seen as strengthening a fragile peace process between the two countries.India and Pakistan on Wednesday agreed to jointly seek to double bilateral trade to $ 6000000000 a year from the current $ 2.7 billion by 2014. They also decided to introduce a liberalized visa regime for business in November 2011 by both nations.
In a joint statement issued after official level talks between the EU bilateral trade minister, Anand Sharma visited Pakistan and Trade and Commerce Minister Mohammad Amin Fahim Makhdoom here, both sides said that India and Pakistan in a new phase in the full normalization of bilateral trade relations bodes well for the strengthening of mutual trust and understanding. It was also decided that the secretaries of commerce of both nations will meet in November to promote what was agreed during negotiations.
Stating that India and Pakistan were committed to ensure a liberalized visa regime, the statement said the two ministers said they expected that this issue will soon be finished before November.
The visa of new business is intended to allow multiple entries and can be for up to one year. The Ministers expressed the hope that such a new visa regime would quickly expand vistas of bilateral trade.
They stressed that regional security environment will gradually be able to help both countries to maintain the liberalization of visas for business people.
The two Ministers agreed that India and Pakistan should work together to more than double bilateral trade in 2014 to its current level of $ 2.7 billion to 6 billion. The two countries also signed a Memorandum of Understanding (MoU) between India Trade Promotion Organisation and the Trade Development Authority of Pakistan to promote trade and investment. The MoU will promote a better promotion of business for enterprises of both countries.
Both Mr. Sharma and Mr. Fahim reaffirmed its commitment to the normalization of trade relations between the two countries strengthen bilateral relations and strengthen ties of friendship, trust and understanding for the mutual benefit of their peoples and the promotion of prosperity in South Asia.
Both ministers gave their commerce secretaries of Commerce to go ahead with determination to fully normalize bilateral trade relations. Both countries agreed to cooperate with the high ambition of preferential trade relations in the South Asia Free Trade Agreement (SAFTA). They agreed that all mutual obligations SAFTA fully implemented in good faith.
The statement was found, when the commercial secretaries of the two countries meet, they should set specific deadlines for normalizing trade relations with everyone, including the demolition of all non-tariff barriers. The full implementation of SAFTA was also mandated obligations.
The two ministers agreed to continue to promote greater intra-regional connectivity through road, rail, sea and air. He said the two countries to cooperate and coordinate closely in multilateral forums like the WTO and SAARC, who support each other to strengthen their economies
