Pakistan?s commerce minister Makhdoom Amin Fahim said in an interview to FE that both nations are committed to increasing bilateral trade and Pakistan will soon accord most favoured nation (MFN) status to India, leading to full normalisation of trade. He also said that his visit is marked by a welcome move by India to allow foreign direct investment (FDI) from Pakistan.
On being asked how important was India?s announcement of allowing foreign direct investment (FDI) from Pakistan, and what sectors was Pakistan interested in investing in, Fahim said it was a welcome move as Pakistan already allows investments to come from India. ?We will surely react to it positively. Business leaders on both sides are in touch with each other, so soon you will see a positive move from Pakistan on this front. As of now it is too early to share any sectors,? he said.
On talks with his Indian counterpart Anand Sharma on Friday, Fahim said a roadmap had been prepared earlier for the third ministerial-level talks, which was followed.
?Both nations are working for the economic betterment of each other. My dialogue with my counterpart Anand Sharma has been fruitful and we are happy that trade will soon be normalised between the two nations. I am happy to share that this being the third bilateral meeting between me and Sharmaji, the progress has been spectacular in the past seven months. And the constant meetings are a testimony of the political commitment on both sides to normalise and strengthen the bilateral trade,? he said.
When asked how committed was Pakistan on the decision to accord MFN status to India and a timeline for it, Fahim said as the Pakistan Cabinet has in-principle agreed to grant MFN status to India, both commerce ministries are working on it. ?As you know, MFN is just a terminology under WTO norms, which Pakistan has given to other nations. We are trying to grant the same to India, but various procedural issues take time, so by the end of this year we shall be able to give this status to India,? he said.
Talking about the visa regime that has been agreed upon, he said the interior ministry of Pakistan and Indian home ministry were currently in a dialogue over this issue. ?Understanding the visa problems faced by businessmen of both countries, I and my counterpart have in-principle decided that multiple-entry visas valid for a period of at least one year should be issued, exempting traders from police reporting. Both the ministries concerned are engaged in dialogue and I am sure that soon a new relaxed and liberalised visa regime will be agreed upon. I cannot give any timeline for this since other departments are involved,? he said.
On pointing out that the Pakistan business community had earlier expressed great resentment over opening up of trade ties with India, Fahim admitted there was resentment earlier. ?But as trade talks are progressing and business delegations are exchanging dialogue during visits, the resentment has gone. They are now confident that enhancing trade relationship will strengthen the concerns of domestic industries and in turn give a boost to bilateral trade,? he said.
Upbeat talk
* On MFN: We are trying to grant the status to India, but various proce-dural issues take time, so by the end of this year we shall be able to give MFN status to India
* On visa regime: Both ministries concerned are engaged in dialogue, but I cannot give any timeline for this since other departments are involved
* On FDI: We will surely react to it positively. Business leaders on both sides are in touch, so soon you will see a positive move from Pakistan on this front
