NEW DELHI, Aug 22:
Exports of farm produce, textiles chemicals and auto components are expected to get a boost by the Pakistan’s move to allow trade in more number of goods, Parliament was informed today.
In March, Pakistan replaced its ‘Positive List’ comprising 1,974 items that could be exported by India to the neighbouring country with a ‘Negative List’ of 1,209 products, Minister of State for Commerce and Industry Jyotiraditya Scindia said in a written reply to the Rajya Sabha.
“This implies that except for these 1,209 items, all other items can be exported from India to Pakistan. Such substantial increase in tradable commodities is expected to reduce trade through third countries,” he said.
“It is expected that exports in sectors such as agricultural produce, chemicals, textiles, auto components could be enhanced through bilateral investment,” he added.
In an another reply, the minister said that it is expected that the complete phasing out of the negative list by Pakistan before the end of this year would complete the transition to Most Favoured Nation (MFN) status for India by Pakistan.
India bestowed MFN status on Pakistan in 1996.
In addition, he said to further improve bilateral trade relations “a liberalised visa regime for business persons has also been agreed between both countries and is ready to be signed”.
Central banks of both the countries are working out modalities for opening of bank branches in each other’s countries, he added.
Currently, bilateral trade between the countries stood at about USD 3 billion. (PTI)
Follow our WhatsApp channel