【New Delhi】A delegation of visiting Pakistani business leaders has expressed confidence that the government of their country will soon give India non-discriminatory market access, which is expected to pave way for better trade and business ties between the two neighbours.
Visiting co-chair of the India-Pakistan Joint Business Forum (IPJBF) Syed Yawar Ali said here on the 8 the August that the two neighbours should consider negotiating free trade agreements (FTAs).
Speaking to reporters after the fourth meeting of the IPJBF, Mr. Ali also expressed the hope that Islamabad would soon grant the Most Favoured Nation (MFN) status to India as the formalities on the matter had already been completed. Pakistan is yet to reciprocate India’s grant of MFN status to it in 1996.
Speaking at the plenary meeting of the forum, he said that the meeting between the two Prime Ministers in New Delhi on May 27 was very positive, where both leaders agreed to move forward from confrontation to cooperation. He also said that Pakistan was looking forward to a meaningful and result-oriented dialogue process at the meeting between the foreign secretaries of two countries scheduled for August 25 in Islamabad.
In a statement issued after the conclusion of the IPJBF meeting, Pakistan High Commissioner Abdul Basit said in a statement: “There is need to address concerns relating to market access, tariff and non-tariff barriers... Innovative proposals and ideas may also be explored which can help create economic inter-dependence between the two countries”.
○Liberalise visa regime to promote India-Pak trade
【New Delhi】Addressing the fourth meeting of the India-Pakistan Joint Business Forum here on the 8th August, Sunil Kant Munjal, Past President, CII and Chairman, Hero Corporate Services Ltd said, "In order to promote bilateral trade between India and Pakistan, multiple-entry business visas, valid for one year, should be issued to businessmen."
According to Munjal, who is also the Co-Chairman of the Forum, the visas must be non-city specific and non-police reporting. There should be no restriction on entry and exit points.
Yawar Ali, Chairman, Nestle Pakistan Ltd and Co chairman of the Forum, said liberalising visas was fundamental to promote bilateral economic engagement between India and Pakistan and the time was ripe to liberalise the visa regime.
The Forum, constituted by the Commerce Ministries of the two countries, aims to reinvigorate economic cooperation and trade relations.
○Indo-Pak banks' branch opening to take time
【New Delhi】The time, it seems, is still not ripe for opening bank branches between India and Pakistan even as the private sector from both sides makes every effort to boost trade and investment.
“For banking branches to be opened in each other’s country, the transactions have to be formalised. This is going to take time,” said Syed Yawar Ali, co-chairman, Pakistan-India Joint Business Forum, concluding the two-day meet that started on the 7th August.
○OECD-UN report gives thumbs-up to India's NFSA
【New Delhi】A key joint report of the Organization for Economic Cooperation and Development (OECD) and the Food and Agriculture Organization (FAO) under the United Nations (UN) has given a thumbs up to India’s National Food Security Act (NFSA).
The OECD-FAO agricultural outlook 2014 said, the NFSA can eradicate hunger from a vast majority of country’s poor but warned that lack of government preparedness on policy front can derail the largest right to food programme of its kind. It said, “While the NFSA will transfer income to the poorest segment of the population, the procurement and distribution of 55 mt of subsidised cereals to more than 800 million people, will present major challenges.”
【News source】
Pakistan wants 'level playing field' for better trade ties
India, Pakistan must negotiate FTAs
Liberalise visa regime to promote India-Pak trade
Indo-Pak banks' branch opening to take time
OECD-UN report gives thumbs-up to India's NFSA
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