Indian Minister of State for Commerce Jairam Ramesh said India and Pakistan would soon finalise arrangements for trade across Line of Control (LoC) in disputed Jammu and Kashmir. Talking to newsmen here, he said "basic agreement is done, both parties believe in LoC trade. Both countries have finalised list of commodities and only endorsement is left, he added.
According to him, Pakistan was facing difficulties in sending a delegation to India to further talks due to internal situation in the wake of former prime minister Benazir Bhutto's assassination.
"I hope they will send delegation another month or two, so we can start LoC trade, which is very beneficial to Jammu and Kashmir," said Ramesh, adding: "On its part, India wants across LoC trade with Pakistan to begin immediately." The trade across the LoC is expected to be restricted to goods and commodities produced in Jammu and Kashmir. It would be exempt from duties as two sides do not recognise LoC as international border.
The neighbours opened bus service linking occupied Srinagar and Muzaffarabad in April 2005 and put forth proposals to open more road links across Kashmir. Indian exports to Pakistan have doubled in fiscal 2006-07 (April to March) over previous year and imports from across the border had grown by about 70 percent during the same period. Indian exports to Pakistan in fiscal 2006-07 stood at $1.35 billion, while Pakistan exports to India in same period were worth $323.19 million.