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DELHI: The second round of talks on economic and commercial
cooperation between India and Pakistan concluded on Wednesday
with a decision to expeditiously clear opening of branches of
scheduled banks in each other’s countries to facilitate
bilateral trade.
The decision to allow banks to operate in each other’s
territories was made in November during Pakistani Prime
Minister Shaukat Aziz’s visit to New Delhi, but it was felt
that applications for the purpose were still not being
processed fast enough.
The meeting also held a broad discussion on lifting
non-tariff barriers, but no decision could be taken since
reports by two sub-groups on these barriers, customs
cooperation and trade facilitation were not ready.
A joint statement issued at the conclusion of the talks
stated that the sub-groups had been asked to formulate
recommendations and place them before the Joint Study Group (JSG)
that would meet for a second time in Islamabad soon.
Both sides also decided to talk on aeronautics and shipping
in September in Pakistan to review the existing air services
agreement and the 1975 shipping protocol respectively.
India at the meeting proposed allowing private Indian
airlines to fly to Pakistani destinations and also increasing
the number of destinations for flights between both
countries.
The agreement under which flights were resumed between India
and Pakistan in January 2004 envisages 24 weekly flights from
each side.
However, an acute shortage of aircraft has compelled
government-owned Indian Airlines to ply only four flights
–two on the Delhi-Lahore route and two on the Mumbai-Karachi
route, as against Pakistan International Airlines making use
of the full quota. India is, therefore, interested in
allowing private airlines to take advantage of the present
quota between both countries and further increase such
flights.
The joint statement also said both sides 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.
Both sides also agreed for the earliest operationalisation of
a fibre optic link between Amritsar and Lahore to increasing
communication. The two-day talks were held within the
composite dialogue framework under which similar talks were
held on nuclear confidence-building measures (CBMs) last
weekend and on conventional CBMs on Monday.
Commerce Secretary SN Menon led the Indians while acting
Commerce Ministry Secretary Syed Asif Shah led the
Pakistanis.
“The talks were held in a cordial and constructive
atmosphere. Both sides recognised the scope for increasing
bilateral trade and discussed measures to increase mutually
beneficial economic and commercial cooperation,” the joint
statement added.
New Delhi: India and Pakistan on Wednesday wound up their
second round of talks on economic cooperation within the
framework of the Composite Dialogue by agreeing on
substantive initiatives in areas such as bilateral air
services and shipping protocol. The next meeting of the Joint
Study Group (JSG) is to be held in Islamabad. Today in Sify
Finance
An official release issued here at the end of the two-day
talks between the Commerce Secretary, S. N. Menon, on behalf
of India, and the Acting Secretary, Commerce Ministry of
Pakistan, Syed Asif Shah, said that the discussions were held
in a cordial and constructive milieu. Both sides recognised
the scope for a further increase in bilateral trade and
discussed measures to enhance mutually beneficial economic
and commercial cooperation.
The two sides agreed to hold aeronautical talks in Pakistan
next month to review the existing Air Services Agreement,
besides holding a bilateral meeting to review the Shipping
Protocol of 1975. It was also agreed that the second meeting
of the Joint Study Group (JSG) would be convened at an early
date in Islamabad. The JSG meeting will be preceded by the
meeting of the Sub-Group on Non-Tariff Barriers (NTBs) and
Customs Cooperation and Trade Facilitation to formulate
recommendations for consideration by the JSG.
The two sides also recalled the decision taken during the
visit of the Prime Minister of Pakistan to India last
November to open branches of scheduled banks in each other's
country. They agreed that requests for opening bank branches
in both the countries would be processed expeditiously to
enable bilateral trade relations.
Both the sides also noted the progress achieved in concluding
a Memorandum of Understanding between the Securities and
Exchange Board of India (SEBI) and Securities and Exchange
Commission of Pakistan (SECP) to benefit from each other's
experience.
They also voiced the hope that the fibre optic link between
Amritsar and Lahore would be established and made operational
at the earliest.
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