Published On: Fri, Jan 24th, 2014

Pakistan and India Determined to Improve Bilateral Trade

Corporate News (Pakistan News India

Corporate News (Pakistan News)

After successive military tensions on the borders of the two neighboring countries, Pakistan and India have finally reached an agreement to allow greater trade between the two countries through land routes via the Wagah-Attari border. This agreement would boost the relations between the South Asian neighbours.

This agreement was made after a meeting between the trade ministers of the 2 countries in New Delhi. The relations between the two countries moved towards prosperity after the trade ministers eased the strict visa policies in order to enable businessman to promote bilateral trade. The two-way trade between Pakistan and India was barely $2.5 billion in 2012/13 fiscal years against a potential $10 billion.

India’s trade minister Anand Sharma said that an agreement had been reached to open the gates of the Wagah-Attari border 24/7for trade, which momentarily was only open from dawn to dusk.

Pakistan also agreed to provide non-discriminatory market access to Indian companies.

Two years ago, Pakistan and India eyed to take bilateral trade to a figure of $6 billion by 2014, but because of the recent incidents that took place over the military control of Kashmir made it almost impossible for this figure to be achieved.

Pakistan’s Commerce Minister Khurram Dastgir Khan said the country’s central bank had proposed its Indian counterpart grant banking licences to three Pakistani banks, a move which would be reciprocated by his side.

The new governments of Prime Minister Nawaz Sharif and Manmohan Singh in the two countries, which assumed power last year, seem to be very optimistic in improving bilateral relations. This can be judged from the fact that in the meeting in New Delhi The Indian trade Minister promised to lead a business delegation to Pakistan next month.

Both Indian Prime Minister Manmohan Singh and Pakistan’s Nawaz Sharif who took power last year are keen to rebuild ties.

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