Lahore: Indian High Commissioner in Pakistan, Sharat Sabharwal on Monday said that India was considering over opening new trade routes for trade between the two countries.
Addressing the second Economic Conference ‘Dividends’ held at a local hotel under the flag of Aman Ki Asha – a joint initiative of Jang Group Pakistan and The Times of India for improvement of Pak-India relations.
The aim of the conference is to explore new trade avenues and to create an enabling environment for enhanced economic activities between the neighboring countries.
Addressing the conference, the Indian High Commissioner said that India and Pakistan should target $ 12 billion trade within next five years.
“Our growing economic agenda also includes finalization of modalities of electricity trade between the two countries and trade in petroleum products.”
Sharat Shabarwal said that India wanted to build a relationship of friendship and mutually beneficial cooperation with Pakistan.
“A number of business delegations have travelled in both countries to bridge the information gap and dialogue between the two commerce ministries has led to a number of important steps,” he added.
The Indian high commissioner also appreciated the decision of the Pakistan government to accord an MFN (Most Favoured Nation) status to India, as well as to move from a positive list of imports from India to a negative list.
“We hope that the negative list will be phased out by the end of the year, as planned. The step will also pave the way for preferential trade between the countries under the South Asian Free Trade Area Agreement or (SAFTA),” he maintained.
Shabarwal said, “We will like to carry the process of trade liberalization forward in a manner to create a win-win situation for both sides.”
He added that in February India had supported approval of the European Union trade concessions package for Pakistan by the WTO General Council.
“We are ready to commence discussion on reducing the size of sensitive lists under SAFTA. India has also agreed to Foreign Direct Investment (FDI) from Pakistan for which necessary procedures and requirements are being formulated,” he maintained.
Dear TNT Reader,
At The News Tribe, our mission is to bring you free, independent, and unbiased news and content that keeps you informed and empowered. We are committed to upholding the highest standards of journalism, as we understand that we are a platform for truth.
Apart from independent global news coverage, we also commit our unique focus on the Muslim world. In an age marked by the troubling rise of Islamophobia and widespread misrepresentation of Muslims in Western media, we strive to provide accurate and fair coverage.
But to continue doing so, we need your support. Even a small donation of 1$ can make a big difference. Your contribution will help us maintain the quality of our news and counteract the negative narratives that are so prevalent.
Please consider donating today to ensure we can keep delivering the news that matters. Together, we can make a positive impact on the world, and work towards a more inclusive, informed global society.
Donate Monthly Subscription Annual Subscription