Indo-Pak MPs vow to improve trade, economic ties through third bilateral dialogue

Islamabad, Jan 19(ANI): Both Indian and Pakistani parliamentarians have vowed to improve trade and economic ties through the proposed third round of bilateral dialogue.

There is a general agreement among policymakers that the strengthening of trade relations is necessary as it serves as a major driving force and improves overall life quality.

Both sides aim to enhance bilateral trade from 2.6 billion dollars to six billion dollars within three years, The Daily Times reports.

Bilateral trade between both countries has increased from over 1.8 billion dollars in 2008-09 to 2.6 billion dollars in 2010-11

Parliamentarians from both sides also urged the implementation of the Memorandum of Understanding (MoU) between the India Trade Promotion Organisation and the Trade Development Authority of Pakistan.

They recommended that the current initiatives to switch from the current positive-list approach to a small negative list should be ratified by February 2012.

Participants also called on governments of both sides to undertake measures for minimising sector specific barriers to trade and encourage dialogue between the regulatory bodies of both sides.

They also urged trade-facilitation measures, harmonisation of customs procedures, an early Investment Protection Treaty, linkages between private sector organisations, enhancing trade in textiles, electronics and information technology, opening bank branches in each other's countries and cross-border listing of stock indices and financial instruments. (ANI)