Talks on preferential trade likely in February

High-level Indian delegation to arrive for negotiations.

ISLAMABAD:

Pushing ahead with the positive momentum going on for the past many months, Pakistan and India are expected to hold ministerial talks in February on a preferential trade agreement to extensively increase trade and commerce between the two sides.

In this connection, a high-level Indian delegation would come to Pakistan for negotiations to increase the volume of bilateral trade, sources said.

Formal trade between the two countries stood at $1.4 billion in 2009-10 that can be increased to $6 billion in the next three years. During the talks, Pakistan and India will also discuss removal of non-tariff barriers to facilitate exports from Pakistan and increase contacts between businessmen.

The establishment of Indo-Pak Chamber of Commerce and Industry and swift issuance of business visas will also be part of the deliberations.

In a bid to streamline trade, Pakistan has already announced that it will grant India the most-favoured nation (MFN) status. On its part, India has said the two sides will take the process of normalisation of trade to its “logical conclusion” and Delhi will also work towards a preferential trade agreement and easing of visa restrictions for businessmen.

Published in The Express Tribune, November 27^th, 2011.