Aug. 1 (Bloomberg) -- India and Pakistan agreed to open bank branches in each other's territory after two days of talks aimed at boosting trade ties between the South Asian neighbors.
Banking ties between the two countries will start in six months, Pakistan's Commerce Secretary Syed Asif Shah told reporters in the Indian capital New Delhi today. Two banks from either side will be allowed to open a branch each, he said.
A joint committee will also work on how to start truck services across the heavily fortified border. Pakistan has also proposed cooperation on capital markets with India, which will respond to the plan by Sept. 30, both sides said in a joint statement.
India and Pakistan, which have fought three wars, have sought to enhance economic cooperation to find a solution to the six-decade-old conflict that has hindered growth in the region. Ties began improving in April 2003 and led to the restoration of diplomatic, sporting and transportation links.
The countries plan to start truck services through the Attari-Wagah land route. Goods are now brought to the border and carried across by porters to trucks waiting on the other side.
Bilateral trade between the two countries has grown at ``an impressive rate'' in the past two years, according to a statement from the Indian commerce ministry. Pakistan's exports to India increased to $323.19 million in the year ended March 31 from $94.97 million two years earlier. India's exports grew to $1 billion from $521.05 million, the government said.
The Indian side agreed to facilitate the process for importing cement from Pakistan, the statement said.
India and Pakistan will jointly file registration of the so- called geographical indication for basmati rice grown in the region. Both sides also agreed to establish an optical fiber link between the two countries ``at an early date.''
The latest talks are part of the fourth round of a peace dialogue on various issues, including Kashmir, under a process known as the ``composite dialogue.'' The Himalayan territory of Kashmir, divided between India and Pakistan and claimed by both, is at the heart of the dispute between the nuclear weapons- capable neighbors.
India and Pakistan are trying to achieve annual trade of $10 billion by 2010, India's Commerce Secretary G.K. Pillai said.
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Banking ties between the two countries will start in six months, Pakistan's Commerce Secretary Syed Asif Shah told reporters in the Indian capital New Delhi today. Two banks from either side will be allowed to open a branch each, he said.
A joint committee will also work on how to start truck services across the heavily fortified border. Pakistan has also proposed cooperation on capital markets with India, which will respond to the plan by Sept. 30, both sides said in a joint statement.
India and Pakistan, which have fought three wars, have sought to enhance economic cooperation to find a solution to the six-decade-old conflict that has hindered growth in the region. Ties began improving in April 2003 and led to the restoration of diplomatic, sporting and transportation links.
The countries plan to start truck services through the Attari-Wagah land route. Goods are now brought to the border and carried across by porters to trucks waiting on the other side.
Bilateral trade between the two countries has grown at ``an impressive rate'' in the past two years, according to a statement from the Indian commerce ministry. Pakistan's exports to India increased to $323.19 million in the year ended March 31 from $94.97 million two years earlier. India's exports grew to $1 billion from $521.05 million, the government said.
The Indian side agreed to facilitate the process for importing cement from Pakistan, the statement said.
India and Pakistan will jointly file registration of the so- called geographical indication for basmati rice grown in the region. Both sides also agreed to establish an optical fiber link between the two countries ``at an early date.''
The latest talks are part of the fourth round of a peace dialogue on various issues, including Kashmir, under a process known as the ``composite dialogue.'' The Himalayan territory of Kashmir, divided between India and Pakistan and claimed by both, is at the heart of the dispute between the nuclear weapons- capable neighbors.
India and Pakistan are trying to achieve annual trade of $10 billion by 2010, India's Commerce Secretary G.K. Pillai said.
Discuss Add this link to... Bury
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