Srinagar, Oct 13 : Captains of industry in Jammu and Kashmir and Pakistan-occupied-Kashmir (PoK) have reportedly agreed to set up a joint business chamber, and the use of a dual currency of India and Pakistan for the purpose.
The decision was taken at a four-hour meeting between the visiting delegation of the PoK Chamber of Commerce and Industry, and the Kashmir Chamber of Commerce and Industry (KCCI), here last evening.
The meeting was chaired by KCCI President Dr Mubeen Shah and his counterpart from PoK Zulfiqar Abbasi.
The meeting discussed various issues related to communication, travel, infrastructure facilities, and other tradable items needed to be included in the list, besides the prospects of the tourism and power sectors. Both the chambers would submit their final recommendations to their respective governments for approval, reported the Daily Times.
They agreed to set up a joint chamber to be called "Federation of Jammu and Kashmir Chambers of Commerce and Industry" for hassle-free trade across the LoC.
"The name would be under consideration and formal announcement would be made after meeting with trade organisations," the presidents of the two chambers said.
Abbasi said the representation of trade organisations in the joint chamber could be worked out later.
Shah informed the meeting that the government had left it for them to choose the mode of payment and currency. The meeting agreed upon dual currency for trade, keeping in view the unstable position of foreign currencies like the US dollar and Euro in the global market. However, it agreed to set a stable foreign currency as the reference point for determining the rates of the Indian and Pakistani rupee.
Both the presidents said they would impress upon the governments of India and Pakistan to set up branches of their premium banks in the other country's regions to facilitate trade.
The meeting expressed concern that it took three years for both the governments to allow the PoK trade delegation to visit Kashmir. It suggested that both governments issued one-time travel documents or the documents subjected to periodical review to traders. "They can monitor the travel for security reasons but there should not be any impediment on their part," Shah suggested.