ISLAMABAD: Pakistan and India have failed to decide the fate of
opening new trade routes to bolster trade between both countries.
However,
it was agreed that for opening of Munabao/Khokharapar route for trade
will be explored in consultation with the stakeholders and a joint
working group would be constituted with will report to the respective
governments before the next round of talks between the commerce
secretaries.
To remove non-tariff barriers which were
obstructions for Pakistani exports to India, Pakistan and India have
signed three agreements including Customs Cooperation, Mutual
Recognition and Redressal of Grievances Agreement.
The agreements were signed in the presence of Pakistani and Indian Commerce Ministers Makhdoom Amin Fahim and Anande sharma.
Customs
Cooperation Agreement will help to avoid arbitrary stoppages of goods
at each other’s ports; Mutual Recognition Agreement for acceptance of
certificates of internationally-accredited laboratories; and Redressal
of Grievances Agreement will help in case of a disagreement.
While
addressing a press conference along with Pakistani Commerce Minister
Makhdoom Amin Fahim, Indian Commerce Minister Anande sharma said that
being neighbors” we should be business partners as Pakistan and India
have $1.2 billion trade market and both countries should be taken
benefits from opportunity,”
“Economic engagements between both countries will bring prosperity and stability in the region,” Anande sharma added.
According
to the joint statement, the integrated Check Post is expected to be
operational by April 2012 and once the infrastructure requirements are
fulfilled, trade through Wagah will be allowed as per earlier decisions
taken by the both sides.
“To finalize the modalities of
electricity trade between Pakistan and India, the two sides will meet
next month at Lahore,” it said, adding that it was agreed that the first
meeting of the expert group on trade in petroleum products will be held
in the first week of next month at New Delhi.
The joint working
group of ministry of interior Pakistan and Ministry of Home Affairs
India is working on agreement on visa facilitation for movement of
business across the border.
According to Joint Statement, on
issues of opening of bank braches of both countries, it was informed
that both central banks are scheduled for meeting in Mumbai first
fortnight of March2012.
It has been agreed that Pakistan will
move from positive list to a small negative list by Feb 2012. The
negative list is to be phased out the timing for this will be announced
in Feb 2012 at the time the list is notified. It is expected that the
phasing out will be completed before the end of 2012.The understanding
is that when the transition to MFN is effected all items other than
those in the SFTA sensitive list would get preferential access at peak
tariff levels of 5 percent by the end of 2012.
It said when
Pakistan notifies its negative list discussions shall be launched on
reducing the size of the sensitive lists and drawing up a program for
phasing in tariff liberalization on such items and tariff liberalization
for up to the 30 percent of the sensitive list shall be considered by
India within four months of the notification of the small negative list
by Pakistan. After the negative list is dismantled and trade transitions
fully to MFN/SAFTA basis, the sensitive lists shall under go further
liberalization. Online
