New Delhi, Nov.3 (ANI): The Confederation of Indian Industry (CII) on Thursday welcomed the Pakistan Cabinet's decision to grant Most Favored Nation (MFN) status to India.
Suneet Kochhar, the chairman of the Amritsar Zone of CII and Director Khanna Papers, said the announcement would help to expand bilateral trade relations.
In September, the two countries' trade ministers had pledged to more than double the value of bilateral trade to six billion dollars within three years.
Exporters opine that to get the results of MFN status both the governments must act on to do reforms on the visa policy especially to the businessmen of two countries. Kochhar said that Visa policies between the two countries would be made lenient and both sides would also remove non-tariff barriers and all other restrictive practices.
It is pertinent to mention that the Integrated check Post (ICP) at Attari- Wagah land route to about to operational to enhance the trade traffic between the two countries. Where as it now Pak to expidite. In Building infrastructure and logistic content on Wagah(Pak side).
Gunbir Singh, member, CII National Council on Public Policy, described it as a "win, win" situation for both sides and predicted that legal direct trade would likely to go up three fold from 2.6 billion USD by 2015.
He said that Pakistan has agreed to disagree on contentious political issues and given a thumbs up to trade and commerce.
Experts said that the granting of MFN status would be mutually beneficial, as Pakistan was till now ecenomically penalising itself by friterring away scarce resources on expensive imports, which were easily available at lower cost in the neighbourhood.
Experts view the MFN designation as a key factor in the removal of tariffs, allowing both countries to trade on equal terms.
Pakistan has already granted MFN status to 100 other countries. y Ravinder Singh Robin (ANI)
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