Planning Commission Deputy Chairman Salman Faruqui on Friday said Pakistan is prepared to enhance economic relations with India on a reciprocal basis. Addressing an "Interactive Business Meeting", hosted by Federation of Indian Chambers of Commerce and Industry (FICCI) here in honour of the Pakistani delegation led by him.
He said over the last few years, trade between Pakistan and India has experienced a significant growth. From 2001 to 2007, trade has grown from $236 million to $1.6 billion and it is projected to touch $2 billion in 2007-08. Syed Asif Shah, Commerce Secretary, Ismail Qureshi, Secretary Water and Power, Shahid Malik, Pakistan High Commissioner, Azeem Daultana, Member National Assembly, Syed Mustafa Kamal, Nazim, City Government of Karachi and Dr Rashid Amjad, Chief Economist Planning Commission and Arif Alauddin, Chief Executive, Alternate Energy Development Board also attended the meeting.
The deputy chairman underlined that while bilateral trade has increased the trade imbalance is conspicuously in favour of India. Redressing this imbalance by increasing exports to India is a major part of our export drive. For making the economic relations mutually beneficial, he said that both the countries need to work out modalities to ensure that trade is carried out on a "level playing field", especially by addressing para-tariff and non-tariff barriers being faced by Pakistani exports to India.
Referring to the area of investment, he said Pakistan is prepared to look at such requests, on a case to case basis, keeping in view our national interest and of course subject to India reciprocating in the same manner.
Noting that Pakistan has taken positive steps to increase interaction between business communities of both countries, the Deputy Chairman stated that Pakistan is already following a liberal visa policy for Indian businessmen and both the countries are presently discussing a more liberalised visa policy which will help businessmen on both sides.
Stressing the need to open bank branches by each country on a fast track, Faruqui said a Pakistani bank has already applied to open a branch in India and is awaiting approval. He said that Pakistan will facilitate such an application from the Indian side when it is received.
Syed Asif Shah, Secretary Commerce, stated that during the last four years, concrete steps have been put in place for increasing trade, including cross border movement of trucks at Wagah-Attari and signing of the Shipping and Protocol Agreement.
Pakistan has already upgraded trade facilities on Wagah-Attari border while India is also in the process of upgrading trade-handling facilities on their side. He indicated that Pakistan plans to organise a single country exhibition at New Delhi in February 2009. Pakistan will also welcome participation of Indian businessmen in Expo 2008, being held at Karachi, in October 2008.
Ismail Qureshi, Secretary, Water and Power said that Pakistan and India are deficient in energy, Pakistan would be ready to consider co-operation in the field on a reciprocal basis. He further said that visas were being issued within 48 hours on receipt of applications.
Earlier, welcoming the Pakistani delegation K K Modi, past President of FICCI, stated that both India and Pakistan had experienced significant economic development in the recent past and there was enormous potential to enhance economic relations between the two countries to the mutual advantage of both.
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