Commerce minister Anand Sharma leads 100 CEOs to Pak

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In first of its kind initiative, commerce minister Anand Sharma is leading a delegation of 100 Indian CEOs to Pakistan in an attempt to boost bilateral trade. Sharma on Sunday expressed the hope that Pakistan will move to negative list for imports from India during his visit to that country, beginning February 13.

“There is every reason for us to believe that there is an expressed wish and desire on part of Pakistan... To move to the (negative list) regime which deepens and diversifies trade and enhances economic engagements,” said Mr Sharma. He said that this is the understanding which has been given to “us when the Pakistani commerce secretary came again in November.”

In November 2011, both nations had agreed to ratify a small negative list by February and then completely phase it out before the end of 2012.

“With Pakistan moving to the negative list regime as they have declared, this will be a major boost to two-way trade. We expect the trade to double in the next three to four years from the current level of $2.7 billion,” said Sharma. He is visiting Pakistan on the invitation of his counter part Makhdoom Fahim.

During his visit, the two sides among other issues will discuss steps taken by Pakistan for grant of most favoured nation (MFN) status to India, progress made on strengthening of infrastructure for cargo movement on the land route, customs cooperation and mutual conformity of standards and grievance redressal.

The investment policy regime of India which currently prohibits Pakistan investments into India is also likely to come up for discussion. Sharma will also be calling on Pakistan Prime minister Sayed Yusuf Raza Gillani and President Asif Ali Zardari.

On Saturday, the “India Show” was inaugurated in Lahore by Pakistan commerce minister which has over 400 Indian exhibitors displaying the best of the Indian industry and services.

Currently, the Pakistan has a system of positive list for India, which means that only those items could be exported to it from India which are on the list. Currently, Pakistan allows only 1,946 items to be exported from India as per the positive list.

On the contrary, negative list means that only those products are barred to be exported to that county which are mentioned on this list. With Pakistan agreeing that in the first stage, it will have only a small negative list, means that most of the items from India could be exported to it.

Some experts believe after this some 8,000 items — expect the small number which is expected to be on the negative list — from India could be exported to Pakistan. India has a negative list for the Safta of over 800 items, including for Pakistan.