Trade pacts bring India and Pakistan closer

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New Delhi, Sept 22: Peace pundits across the Indo-Pak border are cheering trade pacts signed by both the neighbouring nations on Friday, Sept 21. Experts say a vibrant and vigorous trade relationship between India and Pakistan will help both the nations to achieve political peace.

The agreements were signed by commerce secretaries of both the nations after hectic parleys on commercial and economic cooperation for two days at the capital city of Pakistan, Islamabad.

The three agreements between both the nations aimed at redressing trade grievances, maintaining quality standards and cooperating in customs issues to normalise trade relations.

"Both sides expressed satisfaction on signing of the three agreements--redressal of trade grievances agreement, mutual recognition agreement and customs cooperation agreement--and directed the relevant authorities to frame rules and procedures to fully implement these agreements. These agreements are expected to substantially facilitate bilateral trade mechanisms," said a joint statement issued after the Sept 20-21 talks.

Along with deepening trade and economic ties and vowing to end restrictions on trade through the land route, India and Pakistan also explored options for better railways and air connectivity to further promote investments between the two countries.

"Pakistan has agreed to normalise trade and grant the Most Favoured Nation (MFN) status to India by the end of the year, which would facilitate greater trade between the two nuclear-armed neighbours," informed sources.

The effort taken by the two nations in the past few months to repair trade ties will go a long way in building confidence between India and Pakistan, which have shared constant political tensions in last six decades.

Sources inform that the next round of talks is scheduled to take place in India in April 2013.

OneIndia News

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