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Pak turbulence delays trade pact across LoC
17
Jan '08
Bilateral trade agreement, for which sanctioning was due, has been delayed as a result of certain unprecedented upheaval within Pakistan. The announcement was made in a seminar yesterday by Jairam Ramesh, Indian Minister of State for Commerce.

At the event, which was organized by the Institute of Peace and Conflict Studies (IPCS), Mr Ramesh also stated that 14 items were short listed for trade across Line of Control (LOC) which was brought down to 9 by Pakistan. The agreement was on the brink to get materialized if internal disturbances in Pakistan had not surfaced at this crucial moment.

India had already withdrawn its ban on foreign investments from countries like Sri Lanka and Bangladesh and Pakistan is next in the line of being considered for the same.

To this end, the forthcoming meeting of SAFTA to be hosted in Delhi next month, would essentially deal with investments and services. It is during this meeting that Afghanistan will be introduced as the eighth member of the association.

India is also examining its list of 744 sensitive trade items, which are largely dominated by agriculture and textiles. It has already sent forward a notification on January 1, for dropping import duties to zero on 4,537 products from the five less developed countries in South Asia. The decision was taken with a view to overcome trade deficit in India.

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