April 14, 2012 8:50 PM

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India, Pakistan agree to open new trade routes

India and Pakistan have agreed to open new trade routes. A joint statement issued at the end of the talks between Commerce Minister Anand Sharma and his Pakistani counterpart Makhdoom Mohammad Amin Fahim in New Delhi on Saturday said both the ministers directed their officials to explore the possibilities of opening more land customs stations between both countries. This would enhance greater economic engagement between business communities of both sides and deepen bilateral cooperation for mutual prosperity of their people.It was agreed that discussions would continue at the official level, to draw a roadmap for further reductions in the SAFTA sensitive lists. While reducing the SAFTA lists, both sides would appropriately consider requests received for tariff lines to be removed.Both India and Pakistan are likely to formally announce a new business visa regime to boost bilateral commerce at the next secretary level talks between the two countries. The joint statement said a formal decision on this is expected at the forthcoming meeting of the Home Secretary of India and the Secretary of the Ministry of Interior of Pakistan. Although India has sought the date for the meeting after May 22, the schedule is yet to be finalised.The two leaders expressed satisfaction on the ongoing efforts for complete normalization of trading of goods and services, including investment, between the two countries. The joint statement welcomed the rapid developments on the business front and for promoting both commerce and people-to-people understanding. The Ministers agreed that it was a clear testimony of the business-driven demand for a rapidly expanding bilateral economic engagement between the two neighbors.India and Pakistan also expressed satisfaction at the joint and coordinated efforts that have been made for making the new gates at the Attari Integrated Check Post (ICP) functional for trade.

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