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Two Pakistani and three Indian banks will commence operation in each other country by March 31, 2013; this was stated by Trade Minister at Pakistani High Commission in New Delhi Naeem Anwar while addressing the members of Karachi Chamber of Commerce and Industry (KCCI) here on Tuesday.
He said that the interested banks have been directed to complete documentation before November 30, 2012, and started functioning before March 31, 2013. He said that National Bank of Pakistan and United Bank will open branches in India while branches of State Bank of India, Bank of India and Punjab National Bank have applied for opening branches in Pakistan.
He said that after the rounds of meetings between the secretaries of Commerce, Interior and Foreign Ministries, things are changing between the two countries. "We must capitalise on the opportunities, which would be emerging due to the changing environment", he added.
He also suggested that both countries should enhance the scope of trade with joint ventures and said, "India is a major market and Pakistani manufacturers and exporters should make the most of it by aggressive marketing of their quality products."
He said that Pakistan and India signed three agreements including agreements on quality control (MRA), commercial dispute resolution and customs co-operation and added that these will facilitate bilateral business mechanism and ease issues relating to certification, licensing, lab testing, etc.
He said that Pakistan has also discussed with India about high tariff on textile products which hampering export of textile products from Pakistan to India. India will bring down its Safta sensitive list to 100 tariff lines by April next year: Whereas, Pakistan will bring down tariff lines by the end of 2017.
They agreed to reduce the number of items to 100 in the sensitive list before the end of 2017 under the South Asia Free Trade Agreement (Safta) on a reciprocal basis. Replying to a question, he said over 43 Pakistani investors has shown interest of investing in different sectors in India: Whereas, a number of Indian investors also shown interests in investment in Pakistan. He said Indian private airlines also showed interest in operating flights between Delhi and Karachi.
He said that Pakistani trade bodies should learn from their Indian counterparts about the new approach in which they focus on research rather than looking after the petty interest of their members. This approach is paying a lot to the members of bodies and also country's economy, he noted.
Naeem Anwar pointed out that Federation of Indian Chambers of Commerce and Industry (FICCI) has a "think tank" with more than 400 economists who are engaged in research work. Referring to visa agreement he said that visa was one of the biggest impediments of trade between the two countries. Now both the countries have signed visa agreement which will help boost two way trade and investment.
He informed that according to new visa policy, business visa for small category businessmen having net income of 5 to 30 lac will be given 1 year visa of 5 cities by 4 multiple entries with police reporting while for big category businessmen having net income beyond 30 lac will be given 1 year visa of 10 cities by multiple entries with exemption of police reporting. Authority to verify income is under consideration. He articulated that potential products for export to India are textiles (home textiles, fabric), agricultural based products and agro processed products.
He urged the manufacturing sector to capture its share of Indian markets. He informed that Government of Pakistan has urged to rationalise tariffs of products which are on higher sides. Information on tariffs is available online on various Indian websites, he added. Consequent to talks of Indo-Pak Commerce Secretaries, air connections will be increased.
He informed that air frequency is subject to visa issuance. Since the policy is being liberalised, Air India will start in due course, while private Indian airlines have also shown interest in starting operations in Pakistan. He also sought proposals from KCCI to identify products, logistics data, warehousing facilitates, information on required infrastructure with regards to trade from Khokrapar Monabao border which was under consideration by two governments. He informed that role of Chambers in India was transformed and Chambers thereby are less dependent on subscription and are generating income in billions of rupees from exhibitions, fairs and event management
Former President KCCI, Majyd Aziz suggested that issue evacuated property of Pakistan nationals in India and Indian nationals in Pakistan should also be brought on agenda to discus in coming meeting of foreign ministers and secretaries to get them resolved.
He said there should be no discrimination between small traders and big businessmen on the issuing visa. Former President KCCI, Anjum Nisar, asserted upon the need of successful branding of logos "Made in Pakistan" in India and captures its potential market.
President KCCI, Mohammade Haroon Agar, expressed that fostering the process of regional trade and economic co-operation between Pakistan and India will bring peace and prosperity in the region. In his welcome address, he stated that political will from both countries will foster bilateral relations.
It is the need of the hour that both Governments, besides opening new land routes, should positively consider to connect Mumbai with Karachi through air and sea links as our Businesspersons are serious to import from India what is imported from China and other countries. He also urged to formalise the informal trade which is higher than formal trade of $2.7 billion achieved in year 2011. He appreciated the productive moves of Indo-Pak Governments to introduce banking channel and liberalising visa policy. He also welcomed the initiative of Indian Government to allow Pakistani investors to invest in India.
Two Pakistani, three Indian banks to begin operations from next year | Business Recorder
He said that the interested banks have been directed to complete documentation before November 30, 2012, and started functioning before March 31, 2013. He said that National Bank of Pakistan and United Bank will open branches in India while branches of State Bank of India, Bank of India and Punjab National Bank have applied for opening branches in Pakistan.
He said that after the rounds of meetings between the secretaries of Commerce, Interior and Foreign Ministries, things are changing between the two countries. "We must capitalise on the opportunities, which would be emerging due to the changing environment", he added.
He also suggested that both countries should enhance the scope of trade with joint ventures and said, "India is a major market and Pakistani manufacturers and exporters should make the most of it by aggressive marketing of their quality products."
He said that Pakistan and India signed three agreements including agreements on quality control (MRA), commercial dispute resolution and customs co-operation and added that these will facilitate bilateral business mechanism and ease issues relating to certification, licensing, lab testing, etc.
He said that Pakistan has also discussed with India about high tariff on textile products which hampering export of textile products from Pakistan to India. India will bring down its Safta sensitive list to 100 tariff lines by April next year: Whereas, Pakistan will bring down tariff lines by the end of 2017.
They agreed to reduce the number of items to 100 in the sensitive list before the end of 2017 under the South Asia Free Trade Agreement (Safta) on a reciprocal basis. Replying to a question, he said over 43 Pakistani investors has shown interest of investing in different sectors in India: Whereas, a number of Indian investors also shown interests in investment in Pakistan. He said Indian private airlines also showed interest in operating flights between Delhi and Karachi.
He said that Pakistani trade bodies should learn from their Indian counterparts about the new approach in which they focus on research rather than looking after the petty interest of their members. This approach is paying a lot to the members of bodies and also country's economy, he noted.
Naeem Anwar pointed out that Federation of Indian Chambers of Commerce and Industry (FICCI) has a "think tank" with more than 400 economists who are engaged in research work. Referring to visa agreement he said that visa was one of the biggest impediments of trade between the two countries. Now both the countries have signed visa agreement which will help boost two way trade and investment.
He informed that according to new visa policy, business visa for small category businessmen having net income of 5 to 30 lac will be given 1 year visa of 5 cities by 4 multiple entries with police reporting while for big category businessmen having net income beyond 30 lac will be given 1 year visa of 10 cities by multiple entries with exemption of police reporting. Authority to verify income is under consideration. He articulated that potential products for export to India are textiles (home textiles, fabric), agricultural based products and agro processed products.
He urged the manufacturing sector to capture its share of Indian markets. He informed that Government of Pakistan has urged to rationalise tariffs of products which are on higher sides. Information on tariffs is available online on various Indian websites, he added. Consequent to talks of Indo-Pak Commerce Secretaries, air connections will be increased.
He informed that air frequency is subject to visa issuance. Since the policy is being liberalised, Air India will start in due course, while private Indian airlines have also shown interest in starting operations in Pakistan. He also sought proposals from KCCI to identify products, logistics data, warehousing facilitates, information on required infrastructure with regards to trade from Khokrapar Monabao border which was under consideration by two governments. He informed that role of Chambers in India was transformed and Chambers thereby are less dependent on subscription and are generating income in billions of rupees from exhibitions, fairs and event management
Former President KCCI, Majyd Aziz suggested that issue evacuated property of Pakistan nationals in India and Indian nationals in Pakistan should also be brought on agenda to discus in coming meeting of foreign ministers and secretaries to get them resolved.
He said there should be no discrimination between small traders and big businessmen on the issuing visa. Former President KCCI, Anjum Nisar, asserted upon the need of successful branding of logos "Made in Pakistan" in India and captures its potential market.
President KCCI, Mohammade Haroon Agar, expressed that fostering the process of regional trade and economic co-operation between Pakistan and India will bring peace and prosperity in the region. In his welcome address, he stated that political will from both countries will foster bilateral relations.
It is the need of the hour that both Governments, besides opening new land routes, should positively consider to connect Mumbai with Karachi through air and sea links as our Businesspersons are serious to import from India what is imported from China and other countries. He also urged to formalise the informal trade which is higher than formal trade of $2.7 billion achieved in year 2011. He appreciated the productive moves of Indo-Pak Governments to introduce banking channel and liberalising visa policy. He also welcomed the initiative of Indian Government to allow Pakistani investors to invest in India.
Two Pakistani, three Indian banks to begin operations from next year | Business Recorder
