Secretary-level two-day talks on Economic and Trade Cupertino concluded here on Wednesday with Pakistan and India agreeing to expedite the process of opening scheduled bank branches in both countries to facilitate bilateral trade relations.
The two sides decided that aeronautical talks would be held next month (September) to review the existing Air Services Agreement, said a joint statement, issued here at the end of the talks.
A bilateral meeting to review the Shipping Protocol of 1975, the statement said, would be held in Pakistan in September this year.
Both sides expressed the hope that fibre-optic link between Amritsar and Lahore would be established and put in operation at the earliest.
Secretary (Incharge) Commerce, Asif Shah led a six-member Pak delegation at the talks, while Indian side was led by Commerce Secretary S N Menon.
Pakistan High Commissioner to India Aziz Ahmad Khan, Deputy High Commissioner Munawar Saeed, Director General South Asia Foreign Office Ibn-e-Abbas, and Trade Minister in Pakistan High Commission Fazal Ahbas Mekan also participated in the trade talks.
According to the joint statement, the discussions were held in a cordial and constructive atmosphere. The two sides recognised the scope for further increase in bilateral trade and deliberated further measures to enhance mutually beneficial economic and commercial co-operation.
The second meeting of the Joint Study Group (JSG) would be convened sooner in Islamabad, the joint statement said.
The JSG session would be preceded by a meeting of the sub-groups on Non-Tariff Barriers (NTBs) and Customs Co-operation and Trade Facilitation to formulate recommendations for consideration by the JSG.
The two sides recalled the decision taken during the visit of Pakistan's Prime Minister Shaukat Aziz to India in November 2004 to open branches of scheduled banks in each other's country.
Both sides agreed that request for opening of bank branches in both the countries would be processed expeditiously to facilitate bilateral trade relations, the statement said.
They also noted the progress achieved in concluding a Memorandum of Understanding (MoU) between the Securities and Exchange Board of India (SEBI) and Securities and Exchange Commission of Pakistan (SECP) to benefit from each other's experiences.
Extensive discussions were held on all items of the agenda including expansion of positive list and transit routes, air, shipping, road, rail and financial services and insurance and banking besides roadmap for Joint Study Group.
In his address earlier at the preliminary session of the talks on Tuesday, leader of Pak delegation, Syed Asif Shah had expressed the confidence that successful continuation of composite dialogue process would lead to enhanced economic co-operation and trade relations between the two countries.
There was no doubt that both India and Pakistan and most importantly the people of the two countries would gain from the enhanced bilateral trade and economic co-operation, he added.
Syed Asif Shah had further said, "we have to remain mindful of the fact 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 the availability of a level-playing field. Our efforts should aim at developing a model of win-win commercial relationship."
Speaking on the occasion, Indian Secretary Commerce, S.N Menon had expressed the hope that under the composite eialogue, both sides could explore co-operation in the areas of mutual benefit like civil aviation, shipping, banking, petroleum and natural gas.
Measures that could be undertaken like liberalising visa restrictions on the travel between the two countries, simplifying the rules on shipping, making easier the shipment of goods by rail and road would have a very significant economic impact, he added.
Comments
Comments are closed.