India-Pak trade declines 30% to $1.56b in Apr-Jan FY12.

Bilateral trade between India and Pakistan has declined by about 30 per cent to $1.56 billion during April-January, 2011-12.

During the same period of 2010-11 fiscal, the bilateral trade as $2.22 billion, Minister of State for Commerce and Industry Jyotiraditya Scindia said in a written reply to the Lok Sabha.

He added that as a result of the bilateral discussions held over the past year between the two countries, Pakistan has replaced its 'positive list' -- comprising 1,963 items that could be exported by India -- with a 'negative list' of 1,209 items.

"This implies that except for these 1,209 items, all other items can be exported. Such substantial increase in tradable commodities is expected to reduce trade through third countries," Scindia said.

In another reply, the minister said trade between India and Japan during April-January 2011-12 has surpassed the figure of total trade in 2010-11.

During April-January 2011-12, the two-way commerce aggregated at $14.7 billion compared to $13.71 billion in 2010-11.

During the 10-month period of last fiscal, India's exports to Japan stood at $4.97 billion, while imports were $9.79 billion.

The comprehensive economic partnership agreement between India and Japan was implemented on August 1, 2011.

In another reply, Scindia said the approval of Director General of Foreign Trade (DGFT) is not required for registration of export contracts.

"Field offices of the Directorate are authorised to issue the registration certificates for export of cotton after verification of required documents," he said.

Source : mydigitalfc.com