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India, Pak ink pacts to boost bilateral trade

Last Updated 21 September 2012, 19:58 IST

India and Pakistan on Friday signed three agreements to facilitate bilateral trade even as New Delhi offered to supply 100 railway locomotives and help set up thermal or hydroelectric power plants of up to 2,000 MW.

The agreements were signed at the conclusion of the two-day talks between the commerce secretaries of the two countries. Their discussions focused on measures to boost bilateral trade and cooperation in new areas like opening of bank branches and cross-border investments. One agreement will cover cooperation and mutual assistance in customs matters while another will help redress trade grievances.

The third pact between the Bureau of Indian Standards and the Pakistan Standards and Quality Control Authority (PSQCA) was for conforming standards in the two countries.
Both sides directed authorities to frame rules and procedures to fully implement these agreements, which are expected to substantially facilitate trade mechanisms.

They further agreed that another agreement will be signed between the Export Inspection Council of India and PSQCA. Both sides have already exchanged the draft of this pact.

The Indian side made an offer to supply up to 100 locomotives to the Pakistan Railways, said a joint statement issued after the talks. The state-run Bharat Heavy Electricals Limited offered to cooperate with Pakistan in setting up coal, hydro or gas power plants of 500 to 2,000 MW.

The Indian side indicated its willingness to cooperate with Pakistan in wind and solar energy. The Indian side also said it is willing to export up to five million cubic metres of gas per day for an initial period of five years. Pakistani side said this offer was “under active consideration”. The commerce secretaries reviewed progress on other issues like trade in petroleum products and energy and reciprocal opening of bank branches.

The meeting between the Indian delegation led by Commerce Secretary S R Rao and the Pakistani side headed by Commerce Secretary Munir Qureshi marked the first round of talks in the new phase of the bilateral dialogue.

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(Published 21 September 2012, 19:58 IST)

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