'Mumbai blasts will not effect Indo-Pak trade'

Wagah, Jul 13: Union minister of state for Finance Pawan Kumar Bansal today said the serial bomb blasts in Mumbai would have no impact on Indo-Pakistan trade.

''Those trying to create hurdles between the two nations in an attempt to derail the peace process will not succeed in their designs'', Mr Bansal said while talking to mediapersons on his return from Islamabad, where he had gone to attend the first meeting of the SAARC Finance Ministers.

''Despite the blasts, efforts will continue to further expand trade between the two neighbours'' , he added.

In this context the minister refered to the Islamabad meeting which he said was a success and a step towards improving the economic scenario in South Asia. In this era of economic liberalisation, SAARC nations need to coordinate with each other and move forward on the path of development, he pointed out.

''We have to focus on hunger and poverty and development in the region and not on violence'', he added.

Closer economic relations would be benefical for all SAARC nations, including India and Pakistan, he said. The earlier perception that India would benefit at the cost of Pakistan if the volume of trade between the two countries increased, had now undergone a tremendous change, he claimed.

Refering to the growing ecomonic ties between the two nations, Mr Bansal said Pakistan's Habib Bank had agreed to open a branch in India, while the State Bank of India (SBI) and Bank of India would set up branches across the border.

UNI