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India, Pakistan to open bank branches, land routes - Sep 30, 2011 14:59:27

NEW DELHI: Visiting Pakistan’s Commerce Minister, Makhdoom Amin Fahim said trade and investment relations with India would yield positive results. Addressing India-Pakistan Business Conclave, organised by Federation of Indian Chamber of Commerce and Industry (FICCI), he said bilateral trade between India and Pakistan was expected to flourish and hopefully all non-tariff barriers would be removed soon. These measures will send a positive signal to business communities about sincere intention of the two governments, he added. Fahim said atmosphere of fear and apprehension has reduced considerably and businesspersons in both countries started to believe that governments in both countries were committed to normalise trade ties. On SAFTA (South Asian Free Trade Area), he said Pakistan wanted to make it an effective and meaningful agreement and hoped unnecessary long sensitive lists of products would be considerably reduced. SAFTA would enter into negotiations with ASEAN to create and bigger block, thus having ASEAN as a partner, on the east and ECOTA, which has Turkey and Central Asia, on the west, he added. Appreciating FICCI’s role in facilitating Pakistani delegates with visas for eight destinations and easing restriction of exit and entry points, he hoped this becomes a permanent facility to encourage Pakistani businessmen to visit India. Anand Sharma, Indian Commerce, Industry and Textiles Minister described visit of Fahim as a defining moment in bilateral trade ties. The government-to-government talks and dialogue between businessmen of two sides was marked by freshness, frankness, he said adding if such openness persists it would send a powerful message not only in South Asian region but to the entire world. ppi



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