Pakistan could explore free trade agreement with India
- September 27, 2013, 6:04 pm
- National News
- 97 Views
ISLAMABAD, Sept 27 (Online): Pakistan has indicated that it could explore the possibility of having an free trade agreement (FTA) with India on the lines of the one it signed with Indonesia recently, but both sides have to grab the golden opportunity of ensuring peace and friendship sentiment and not let it slip away under pressure from non-state actors.
Pakistan’s Minister of State for Commerce and Privatisation, Engineer Dastgir Khurram Khan told a group of visiting Indian journalists that the democratically elected Nawaz Sharif government has been strongly pitching for peace with India and it is probably for the first time that general elections in Pakistan were not fought on anti-India sentiment or propaganda.
“We should not let this golden opportunity slip away. Both sides should work to promote economic and trade activity and we could, after a period of consolidation, explore the possibility of having an FTA with India. We recently signed a preferential trade agreement with Indonesia and I see no reason why the same cannot be concluded with our neighbor India. We should not allow third countries to tap the huge trade potential that both India and Pakistan have and move forward politically and economically for the benefit of people of both nations,†he was quoted as saying by The Indian Express Newspaper.
Mr. Khan said investors from both India and Pakistan would not make any big investment commitments till they are assured of backing and stability from the political establishment of their respective countries. “We are happy to note that visas are being given in a more liberal way to businessmen and on long term. But we would need to fast-track this process and also show progress on issuing visas to senior citizens of Pakistan as was decided under the new visa regime. This will give fillip to people to people exchange and thereby increased economic engagement,†he said.
Karachi Chamber of Commerce and Industry president Muhammad Haroon Agar said, India needs to work on the timelines taken for customs clearances and also setting up laboratories for testing facilities on the border as such bottlenecks hindered exports and imports. “We have issues on duty on textiles exported from Pakistan to India and stakeholders are already in talks to resolve this,†he added.
Meanwhile, the first joint venture (JV) between India and Pakistan, registered in Pakistan took off last week and was formally launched in Karachi on Thursday night. Two companies from India and Pakistan have joined hands to form Interwood Company for export of readymade furniture for both homes, commercial and office space. “This is the first India-Pakistan registered JV in India after India allowed foreign direct investment (FDI) by Pakistan companies and nationals. We hope many more such ventures take place in the future. We plan to open 25 retail showrooms in India by end of 2014,†Ali Manzoor, CEO of Interwood said in Karachi.
