Interviews
FIEO President happy with MFN status; need to resolve Visa issue
04 Nov '11
2 min read
The grant of Most Favoured Nation (MFN) status to India by Pakistan is land mark development for a greater economic co-operation between the two countries, observed Mr Ramu S Deora, President of Federation of Indian Export Organisations (FIEO).
While applauding the initiatives of the Government, Mr Deora said that the recent visit of Pakistani Commerce Minister to hold formal talks with his Indian Counterpart Mr Anand Sharma has been constructive, frank and led to this major development. Mr Deora noted while India has unilaterally granted MFN status to Pakistan long back in accordance with WTO rules, the MFN status to India by Pakistan would mean greater market access for Indian goods.
Prior to MFN regime, Pakistan has given access to 1940 product lines on its positive list. He was optimistic that the bilateral trade target between the two countries set by the Commerce Ministers of both sides of USD 6bn in three years from the present level of USD 2.7 bn could be achieved early.
Mr Deora observed that India would be able to diversify its export basket to Pakistan and would be able to supply the products directly which is currently being routed through third countries. On the other hand Pakistan would be benefited as they shall be able to source the same products at a reduced price bypassing the cost of burden of transshipment.
He said that such trade conducive initiatives would definitely be appreciated by the industry which shall be able to capitalize the initiatives for boosting trade between the two countries.
Exports of Manmade Filaments, Organic Chemicals, Other Misc Chemicals, Tea, Coffee, Vegetables, Plastic articles, rubber products would be able to increase their market share in Pakistan imports observed Mr Deora. He expressed optimism to see these discussions moving forward to address other concerns for entering a new phase of full normalization of bilateral trade relations.
President FIEO noted that there is a need for relaxation of visa norms for businessmen which restricts the exchange of visits. Businessmen may be allowed to make investment in each other's country and non tariff barriers may be relaxed for building momentum to take the economic engagement to new level added Mr Deora.
While applauding the initiatives of the Government, Mr Deora said that the recent visit of Pakistani Commerce Minister to hold formal talks with his Indian Counterpart Mr Anand Sharma has been constructive, frank and led to this major development. Mr Deora noted while India has unilaterally granted MFN status to Pakistan long back in accordance with WTO rules, the MFN status to India by Pakistan would mean greater market access for Indian goods.
Prior to MFN regime, Pakistan has given access to 1940 product lines on its positive list. He was optimistic that the bilateral trade target between the two countries set by the Commerce Ministers of both sides of USD 6bn in three years from the present level of USD 2.7 bn could be achieved early.
Mr Deora observed that India would be able to diversify its export basket to Pakistan and would be able to supply the products directly which is currently being routed through third countries. On the other hand Pakistan would be benefited as they shall be able to source the same products at a reduced price bypassing the cost of burden of transshipment.
He said that such trade conducive initiatives would definitely be appreciated by the industry which shall be able to capitalize the initiatives for boosting trade between the two countries.
Exports of Manmade Filaments, Organic Chemicals, Other Misc Chemicals, Tea, Coffee, Vegetables, Plastic articles, rubber products would be able to increase their market share in Pakistan imports observed Mr Deora. He expressed optimism to see these discussions moving forward to address other concerns for entering a new phase of full normalization of bilateral trade relations.
President FIEO noted that there is a need for relaxation of visa norms for businessmen which restricts the exchange of visits. Businessmen may be allowed to make investment in each other's country and non tariff barriers may be relaxed for building momentum to take the economic engagement to new level added Mr Deora.
Federation of Indian Export Organisations (FIEO)
Popular News
Leave your Comments
Editor’s Pick
Esteemed Clients
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
