The Hindu Business Line : India, Pak agree to enhance trade ties

INDIA and Pakistan on Wednesday wound up their second round of talks on economic cooperation within the framework of the Composite Dialogue by agreeing on substantive initiatives in areas such as bilateral air services and shipping protocol. The next meeting of the Joint Study Group (JSG) is to be held in Islamabad.

An official release issued here at the end of the two-day talks between the Commerce Secretary, Mr S. N. Menon, on behalf of India, and the Acting Secretary, Commerce Ministry of Pakistan, Mr Syed Asif Shah, said that the discussions were held in a cordial and constructive milieu. Both sides recognised the scope for a further increase in bilateral trade and discussed measures to enhance mutually beneficial economic and commercial cooperation.

The two sides agreed to hold aeronautical talks in Pakistan next month to review the existing Air Services Agreement, besides holding a bilateral meeting to review the Shipping Protocol of 1975. It was also agreed that the second meeting of the Joint Study Group (JSG) would be convened at an early date in Islamabad. The JSG meeting will be preceded by the meeting of the Sub-Group on Non-Tariff Barriers (NTBs) and Customs Cooperation and Trade Facilitation to formulate recommendations for consideration by the JSG.

The two sides also recalled the decision taken during the visit of the Prime Minister of Pakistan to India last November to open branches of scheduled banks in each other's country. They agreed that requests for opening bank branches in both the countries would be processed expeditiously to enable bilateral trade relations.

Both the sides also noted the progress achieved in concluding a Memorandum of Understanding between the Securities and Exchange Board of India (SEBI) and Securities and Exchange Commission of Pakistan (SECP) to benefit from each other's experience.

They also voiced the hope that the fibre optic link between Amritsar and Lahore would be established and made operational at the earliest.

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