Islamabad—Federal Minister for Commerce, Makhdoom Amin Fahim said that an Indian trade delegation led by its Commerce Minister Anand Sharma would visit Pakistan on February 13 to review and discuss trade normalization process between two countries. Addressing a press conference, the minister said that delegation will also visit Karachi, Lahore and Islamabad and meet with business community to exchange views regarding trade and business between both the countries.
Besides, the minister said that European Union (EU) waiver committee would also meet on February 1 and expected to give its approval for concession on the export of 75 items from the country. Earlier, some countries had raised objection over granting the concession of Pakistani goods to EU adding that their concerns were addressed successfully with negotiations which was a major achievement for Pakistan and its government.
Replying to a question about granting the Most Favoured Nation (MFN) status to India, he said both the countries had awarded MFN status to each other at the time of partition in 1947. At that time there was limited trade between the two countries and it consisted of four items which ended after the 1965 war between the two countries, he added.
Amin Fahim said that the trade relations were restored again in 1975, under Simla Accord between the then prime ministers of the two countries, Zulfikar Ali Bhutto and Indira Gandhi. “Pakistan has in principle agreed to grant MFN status to India but it could not be applicable until the finalization of the negative list,” the minister remarked.
However, in doing so, he said that the protection of local industry was the top priority of the government and all the stakeholders would be taken on board and their grievances would also be addressed. Amin Fahim said that for finalizing the negative list negotiations with all stakeholders were in progress and Institute of Business Administration (IBA) Karachi was assigned the task to finalize the list.
The negative list would be presented before the Federal Cabinet by next month for final approval, which will phase-out the list of items to promote trade relations, he added. Replaying to another question, he said that government was determined to protect consumers by creating healthy competition in industrial sector by allowing the foreign companies to manufacture cheap medicines to make local industry more competitive.
Speaking on the occasion, Secretary Commerce, Zafar Mahmood said that to protect the local industry law was existing and consultancy would be provided to aware the local industrialists about the laws. He said that in the first phase “we will move from positive list to negative list of goods then services sector and opening the bank branches in the next stage”.
Source : pakobserver.net