Pakistan-India talks to finalize shipping, air service agreements soon

The two countries agreed to facilitate trade in specific sectors, including banking, tea, and rice, and to advance agreements on shipping and air services.

Who it concerns: The agreement involves India and Pakistan. It concerns the Ministry of Commerce, central banks, scheduled banks, tea importers/exporters, relevant ministries responsible for transportation, stakeholders in the Basmati rice sector, IT-enabled medical services providers, and capital markets regulators (SECP).

What was agreed

• Central banks agreed to process applications for scheduled banks to open branches in each other's countries expeditiously.
• Both sides agreed to encourage delegations of tea importers/exporters to visit respective countries to facilitate tea imports from India.
• A Working Group was constituted to discuss joint registration of Basmati rice SGI.
• Pakistan agreed to consider enlarging the list of importable items from India after fulfilling legal and procedural requirements.
• India committed to providing detailed proposals for trade in IT-enabled medical services and export insurance cooperation.
• It was noted that the laying of optical fibre on the Indian side would be completed in the near future.
• Pakistan noted the Indian proposal to convene technical experts at the Attari-Wagah Border to upgrade infrastructure for trade, including transit cargo for Afghanistan.
• Pakistan's SECP conveyed an MOU on Assistance of Mutual Cooperation in Capital Markets to India, with India to communicate its response soon.

Also in the document

• The new Shipping Agreement was expected to be signed in the near future at New Delhi.
• Talks on the Air Services Agreement were to be concluded expeditiously.
• Both sides welcomed the ratification of the SAFTA Agreement by all SAARC Member Countries.