India, Pakistan enter business-driven relationship

India and Pakistan have entered a new era of business-driven demand for a rapidly expanding bilateral economic engagement and commerce ministers from both sides welcomed the rapid developments on the business-to-business and business-to-consumer contact for promoting both commerce and people-to-people understanding.

Pakistan commerce minister Makhdoom Mohammad Amin Fahim has been in India from 12 to 14 April at the invitation of India's commerce minister Anand Sharma.

The ministers along with their official delegations held a bilateral meeting on 13 April. This is the third bilateral meeting between the commerce ministers of both countries within a time span of less than seven months.

This is testimony of the political commitment on both sides to normalise and strengthen the bilateral trade and commercial relationship. Both sides reviewed the progress made on the decisions already taken.

Both sides expressed satisfaction that the transition process for complete normalisation of the trading of goods and services, including investment, has started.

There has been a substantial increase in the list of commodities permitted to be imported from India. As per the Pakistan government's order of 20 March 2012, a negative list of 1209 tariff lines has been announced.  The Pakistan cabinet had decided on a complete phase out of the negative list, subject to further negotiations between the two countries. Both sides agreed that the modalities would be discussed in the next meeting of the commerce secretaries.