India and Pakistan have agreed to normalise their economic relations and jointly work to double bilateral trade to six billion US dollars within three year. At present their bilateral trade is 2.7 billion US dollars.

Pakistan has also agreed to implement all the obligations under the South Asian Free Trade Area, SAFTA Agreement meeting long pending demand from India.

A joint statement was issued after a meeting between Commerce and Industry Minister Anand Sharma and Pakistan Commerce Minister Makdhoom Mohammad Amin Fahim in New Delhi. The statement said that both the ministers will work together to enhance the bilateral trade.

It also said that fully normalised commercial link between both countries would strengthen the bilateral relationship and build the bridges of friendship, trust and understanding for mutual benefit of their people and promotion of prosperity in South Asia.

Mr. Fahim, who is accompanied by a 50-member business delegation, is the first Commerce Minister of Pakistan to visit India after more than 35 years. His visit will conclude on Sunday.

The Ministers noted that in the past few months, India and Pakistan have constructively engaged towards a liberalized business visa regime.

They expressed that they now expect this matter to be expeditiously concluded before November 2011. The new business visa regime would allow multiple entries and could be for a period up to one year.