India, Pakistan agree to improve trade and banking ties

Mumbai: India has agreed to speed up formalities related to certification of cement to be imported from Pakistan as part of steps to boost bilateral trade. Besides, the two countries have decided to allow banks from both countries to open two branches each.

The two sides have also agreed to jointly file application for geographical indication on Basmati to end the dispute over sale of the rice variety in international markets.

These were agreed to at a meeting of commerce secretaries of the two countries which is part of an ongoing composite dialogue.

The two countries will set up a technical committee for this purpose, according to a joint statement by the two countries.

India also gave Pakistan a list of 484 items to be included in the positive list of products allowed to be traded with the country.

Applications of banks would be processed by December 31 this year or within six months.