CaptainJackSparrow
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This new thread is for all the positive developments in India-Pakistan relations. Members are requested to post articles/news of co-operation and development, trade etc. in this thread. Members are also requested to avoid posting negative stuff.
Thank You.
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Indian rice starts reaching domestic markets
ISLAMABAD: Soon after the announcement of 636 negative items while replacing the already existing positive list for trade with India, Pakistan for the first time in history started importing rice from the neighbouring country.
Pakistani buyers have placed the first import order for at least 2,500 tonnes rice, while almost 100 tonnes have reached the markets in Punjab.
It’s expected the traders would further place orders for imports as the commodity in Indian market was available at cheaper rates than Vietnam, Thailand and other countries.
“This was a major development in the history as the Indian commodity was coming to Pakistan, despite having a huge stock in the country,” said CEO Harvest Tradings, Ahmad Jawad on Monday. He said the reason behind the import of rice despite having huge local stock was the major difference in price of the commodity as India had reduced the benchmark price of rice drastically.
“Though the development would badly hit the role of middleman interims of profit, the imports of cheaper rice especially basmati from outside the border would make competition in the country interims of price and may benefit the retail customers” Jawad remarked.
He however was of the view Pakistani basmati rice would retain its importance in the domestic market owing to its special taste.
As both countries are members of the South Asia Free Trade Area (SAFTA) established in January 2006, trade between the two countries is unnaturally small and the scope for gains from increased trade is correspondingly large.
The Indian rice has also diversified qualities, like original basmati, duplicate basmati and others available at comparatively cheaper rates.
Indian government had reduced the minimum export price of non-basmati rice after exports failed to pick up.
The government had allowed limited exports of non-basmati rice after a bumper crop in 2010-11. Earlier, India had banned exports of rice, except the costlier basmati variety, to beef up supplies in the domestic market and cool down soaring prices in April 2008. Presently, the increased domestic production and lower export of basmati, last year had resulted in abundant availability in the Indian domestic market. These factors brought down prices of this elite variety, but Pakistan rice will retain its importance in the domestic markets owing to its special taste, Jawad said. app
Daily Times - Leading News Resource of Pakistan
---------- Post added at 08:01 PM ---------- Previous post was at 07:59 PM ----------
NEW DELHI: Expert Group on Electricity of two countries will meet in Lahore next month to finalise modalities of electricity trade between both countries.
The first meeting of this group was held in October last in New Delhi, similarly, first meeting of Expert Group on Trade in petroleum products would be held in the first week of March in New Delhi.
On opening of bank branches of both countries, State Bank of Pakistan and Reserve Bank of India will meet on March 10 in Mumbai to work out details.
Joint Working Group of Ministry of Interior Pakistan and Indian Ministry of Home Affairs is finalising details for a new visa agreement that could facilitate the movement of businessmen and ease restrictions on movement of common man on both sides.
Indian Commerce Ministry has already asked the Finance and Home Ministries to consider allowing foreign direct investment (FDI) from Pakistan on a par with the guidelines that govern FDI for Bangladesh, the report said.
The discussions will be launched on reducing the size of sensitive list and drawing up a program for tariff liberalisation on such items.
Tariff liberalisation for up to 30 percent of sensitive list will be considered by India within four months of the notification of pruned negative list by Pakistan.
It has been decided when transition of MFN (Most Favoured Nation) is effected, all items other than those in SAFTA sensitive list, will get preferential access at a peak tariff level of 5 percent by the end of 2012.
On opening of Munabao, Khokharapar route for trade, a Joint Working Group would be constituted, which would report to the respective governments before next round of talks between commerce secretaries of two countries.
The regulators from India and Pakistan have already held consultations with leading chambers of each other countries in last few months to deliberate on trade regulations, standards and labelling requirements. ppi
Daily Times - Leading News Resource of Pakistan
---------- Post added at 08:04 PM ---------- Previous post was at 08:02 PM ----------
Pakistan's textile ministry seeks wider access to India
Pakistan's textile ministry seeks wider access to India - The Economic Times
---------- Post added at 08:06 PM ---------- Previous post was at 08:04 PM ----------
India, Pakistan eye 3 pacts to boost trade
India, Pakistan eye 3 pacts to boost trade - The Times of India
Thank You.
-------------------------------------------
Indian rice starts reaching domestic markets
ISLAMABAD: Soon after the announcement of 636 negative items while replacing the already existing positive list for trade with India, Pakistan for the first time in history started importing rice from the neighbouring country.
Pakistani buyers have placed the first import order for at least 2,500 tonnes rice, while almost 100 tonnes have reached the markets in Punjab.
It’s expected the traders would further place orders for imports as the commodity in Indian market was available at cheaper rates than Vietnam, Thailand and other countries.
“This was a major development in the history as the Indian commodity was coming to Pakistan, despite having a huge stock in the country,” said CEO Harvest Tradings, Ahmad Jawad on Monday. He said the reason behind the import of rice despite having huge local stock was the major difference in price of the commodity as India had reduced the benchmark price of rice drastically.
“Though the development would badly hit the role of middleman interims of profit, the imports of cheaper rice especially basmati from outside the border would make competition in the country interims of price and may benefit the retail customers” Jawad remarked.
He however was of the view Pakistani basmati rice would retain its importance in the domestic market owing to its special taste.
As both countries are members of the South Asia Free Trade Area (SAFTA) established in January 2006, trade between the two countries is unnaturally small and the scope for gains from increased trade is correspondingly large.
The Indian rice has also diversified qualities, like original basmati, duplicate basmati and others available at comparatively cheaper rates.
Indian government had reduced the minimum export price of non-basmati rice after exports failed to pick up.
The government had allowed limited exports of non-basmati rice after a bumper crop in 2010-11. Earlier, India had banned exports of rice, except the costlier basmati variety, to beef up supplies in the domestic market and cool down soaring prices in April 2008. Presently, the increased domestic production and lower export of basmati, last year had resulted in abundant availability in the Indian domestic market. These factors brought down prices of this elite variety, but Pakistan rice will retain its importance in the domestic markets owing to its special taste, Jawad said. app
Daily Times - Leading News Resource of Pakistan
---------- Post added at 08:01 PM ---------- Previous post was at 07:59 PM ----------
India, Pakistan talks to finalise different issues
NEW DELHI: Expert Group on Electricity of two countries will meet in Lahore next month to finalise modalities of electricity trade between both countries.
The first meeting of this group was held in October last in New Delhi, similarly, first meeting of Expert Group on Trade in petroleum products would be held in the first week of March in New Delhi.
On opening of bank branches of both countries, State Bank of Pakistan and Reserve Bank of India will meet on March 10 in Mumbai to work out details.
Joint Working Group of Ministry of Interior Pakistan and Indian Ministry of Home Affairs is finalising details for a new visa agreement that could facilitate the movement of businessmen and ease restrictions on movement of common man on both sides.
Indian Commerce Ministry has already asked the Finance and Home Ministries to consider allowing foreign direct investment (FDI) from Pakistan on a par with the guidelines that govern FDI for Bangladesh, the report said.
The discussions will be launched on reducing the size of sensitive list and drawing up a program for tariff liberalisation on such items.
Tariff liberalisation for up to 30 percent of sensitive list will be considered by India within four months of the notification of pruned negative list by Pakistan.
It has been decided when transition of MFN (Most Favoured Nation) is effected, all items other than those in SAFTA sensitive list, will get preferential access at a peak tariff level of 5 percent by the end of 2012.
On opening of Munabao, Khokharapar route for trade, a Joint Working Group would be constituted, which would report to the respective governments before next round of talks between commerce secretaries of two countries.
The regulators from India and Pakistan have already held consultations with leading chambers of each other countries in last few months to deliberate on trade regulations, standards and labelling requirements. ppi
Daily Times - Leading News Resource of Pakistan
---------- Post added at 08:04 PM ---------- Previous post was at 08:02 PM ----------
Pakistan's textile ministry seeks wider access to India
Pakistan's textile ministry seeks wider access to India - The Economic Times
---------- Post added at 08:06 PM ---------- Previous post was at 08:04 PM ----------
India, Pakistan eye 3 pacts to boost trade
India, Pakistan eye 3 pacts to boost trade - The Times of India
