India, Pak to rework air, shipping pacts

In what will lead to improved air and sea links, India and Pakistan today decided to rework their civil aviation and shipping agreements. Te...

In what will lead to improved air and sea links, India and Pakistan today decided to rework their civil aviation and shipping agreements. Technical groups from both sides will meet next month to thrash out the details of the fresh agreements.

And, to enhance cooperation in financial sector and capital markets, India and Pakistan also agreed for a memorandum of understanding (MoU) between Indian regulator Sebi and the Pakistan stock market watchdog, the Securities and Exchange Commission of Pakistan, SECP.

The Indian side, led by Commerce Secretary S.N. Menon, and the Pakistani team — led by their acting Commerce Secretary Syed Asif Shah — decided to enhance cooperation in banking sector as also insurance support for exporters to boost trade.

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However, on the issue of opening up of Wagah-Attari land route on permamnent basis, both sides felt that it cannot be opened until infrastructural bottlenecks were addressed. But, according to sources, both sides are working out the roadmap for the joint study group on trade.

The sub-group on customs and trade facilitation and non-tariff barriers will meet in September to chalk out the future course. New Delhi also gave a fresh list of items it wants Pakistan to add on to the positive list, which Islamabad said would be looked into when the list is reviewed.

	Pakistan rejects diesel imports from India

			• NEW DELHI: Pakistan ruled out importing diesel from India, saying new additions to the positive list of importable goods were not possible in the immediate future. At the commerce secretary level talks, Pakistan said it had already put 70 items on the ‘positive’ list of importable items from India and further additions to the list were not possible immediately. Islamabad may look into importing diesel from India at a future date but did not give any time frame. ENS

Last week Pakistan lifted the ban on sugar imports from India in the wake of rising domestic prices. The talks were earlier scheduled to continue till Wednesday but were concluded in a single day. Both sides also decided to improve their transit facilities as a measure to push trade.

Earlier, Menon had outlined opening up of Wagah-Attari land route for trade in more number of commodities on a permanent basis, liberalising visa restrictions among measures needed for pushing up bilateral trade. ‘‘This has the potential for creation of jobs by increasing ancillary activities along these routes,’’ Menon said.

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Delivering his opening remarks, Pakistan’s Syed Asif Shah noted that ‘‘Growth in trade can be sustainable in the long run only if it is mutually beneficial for both the trading parties, which, in turn, is dependent on availability of a level-playing field. Our efforts should aim at developing a model of win-win commercial relationship.’’

MFN no more an issue

NEW DELHI: India said granting of the most-favoured nation status to it by Pakistan was a ‘‘non-issue’’ in the wake of operationalisation of Safta from January 1, 2006. ‘‘MFN is a non-issue, as under Safta (South Asia free trade agreement), Pakistan will be required to lower tariffs on items agreed under MFN,’’ Commerce Secretary S.N. Menon said. ENS