India-Pakistan set 31 December 2007 deadline for bank branch applications

The two countries agreed on measures to facilitate trade, including banking access, import formalities, and infrastructure connectivity.

Who it concerns: India and Pakistan; specifically involving the Ministry of Commerce (both countries), SAARC members, the Security and Exchange Commission of Pakistan (SECP), the Security Exchange Board of India (SEBI), the Export Credit Guarantee Corporation of India Limited (ECGC), Indian Railways, and the IT-enabled tele-medicine sector.

What was agreed

• Finalize processing of applications for two bank branches in each country within six months of receipt or by 31 December 2007.
• India to complete statutory certification formalities on a fast track for cement imports from Pakistan and consider third-party certification.
• Facilitate trading of tea through rail and discuss duty concessions on Indian tea imports.
• Nominate representatives to a Joint Working Group for joint registration of Basmati rice as a Geographical Indication (GI).
• India handed over a list of 484 tariff lines for inclusion in the Positive List of items importable from India.
• India constituted a Task Force to address Non-Tariff Barriers (NTBs) and para-tariffs for SAARC market access.
• Pakistan to identify twenty products of export interest for India to provide detailed import regime information.
• India to convey a response by 30 September 2007 to the draft MOU on Mutual Cooperation in Capital Markets between SECP and SEBI.
• ECGC to provide detailed proposals for capacity development in export insurance cooperation by 30 September 2007.
• Hold the first technical level meeting on cross-border truck movement modalities at Wagah border on 20 August 2007.
• Constitute a Joint Group headed by Joint Secretaries of Commerce to monitor decisions from the Fourth Round talks.

Also in the document

• A specific deadline of 31 December 2007 is set for finalizing bank branch applications.
• A specific deadline of 30 September 2007 is set for responses regarding Capital Markets MOU and ECGC proposals.
• A specific date of 20 August 2007 is set for the first technical meeting on cross-border truck movement.
• India proposed opening the Munabao-Khokrapar route for freight movement to reduce pressure on the Attari-Lahore route.