India, Pakistan to reduce duties to cut maximum trade duty to 5 per cent
20 Oct 2012
India will allow Pakistani products to enter its markets at a maximum duty of 5 per cent by April 2013 while Pakistan would put in place similar arrangements in next five years, according to India's high commissioner to Pakistan Sharat Sabharwal.
The move comes as part of steps aimed at liberalising trade, with countries bringing down the rate of duties in line with the provisions of SAFTA, Sabharwal said.
He added India and Pakistan needed to improve their relations to foster economic integration and regional trade.
The envoy briefed Karachi Chambers of Commerce and Industry, (KCCI) members about talks between the commerce secretaries last month, which saw a number of agreements signed. These related to cooperation and mutual assistance in customs matters, redressing trade grievances and conforming standards for certification of goods.
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