Dear Friends,
You might have read reports on the above subject and I thought it necessary to share the press handout on this important development, which will further help in normalization of trade relations between India and Pakistan.
264 tariff lines will be reduced from existing 878 lines (HS, 2012), leaving just 614 lines now.
Of these 264 lines, 155 lines pertain to agricultural commodities, 106 are textile related lines and 3 lines are of petroleum products. Thus, Pakistan's export interests in areas of textiles and agriculture are being substantially met in this approved trade liberalization.
I look forward to working with you for promoting regional trade, which will benefit the South Asia region.
Warm Regards.
Arvind Saxena
Counsellor(Economic & Commercial)
High Commission of India
Islamabad, Pakistan.
QUOTE
INDIA REDUCES SAFTA SENSITIVE LIST FOR NLDCs BY 264 TARIFF LINES
Ministry of Commerce, Government of India
Date : 18 Aug 2012
Location : New Delhi
The Cabinet yesterday approved Reduction of 30% (264 tariff lines,) from the SAFTA Sensitive list for Non Least Developed Countries (NLDCs) allowing the peak tariff rates to reduce to 5% within three years, as per agreed SAFTA process of tariff liberalization. This shall reduce India's Sensitive list for Pakistan from 878 to 614 tariff lines. With this decision India has effectively performed its lead role in harmonising the SAFTA framework and ensuring move towards a vibrant economic community and move towards normalisation of trade relations with Pakistan.
India has, in the last one year, steered the trade liberalization process under SAFTA so as to accelerate the pace of the process for SAFTA Economic Integration. A major step taken in this direction was to unilaterally reduce its sensitive list for the Least Developed Countries (LDCs) under SAFTA, in November 2011, to 25 tariff lines thus allowing all other imports at zero basic customs duty. Afghanistan, Bangladesh, Bhutan, Maldives and Nepal benefited as a result of this trade liberalisation move.
The bilateral trade dialogue with Pakistan resumed in April 2011. Sustained discussions at various levels resulted in the drawing of a roadmap for an uninterruptible and irreversible trade liberalisation process.
Commerce Ministers of India and Pakistan, during the bilateral meeting held at Islamabad on 14th February 2012, agreed that India will consider reduction of up to 30% of its SAFTA Sensitive List, within four months of the notification of a small negative list by Pakistan. Consequently, Pakistan Government moved from its 'positive list' regime to a 'negative list' regime notifying it in March 2012.
India has also taken significant steps to take forward the trade liberalisation process. It has removed the restrictions on investments from Pakistan, agreed upon a liberalised visa regime, opened a state of the art Integrated Check Post (ICP) to encourage two way trade.
UNQUOTE
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You might have read reports on the above subject and I thought it necessary to share the press handout on this important development, which will further help in normalization of trade relations between India and Pakistan.
264 tariff lines will be reduced from existing 878 lines (HS, 2012), leaving just 614 lines now.
Of these 264 lines, 155 lines pertain to agricultural commodities, 106 are textile related lines and 3 lines are of petroleum products. Thus, Pakistan's export interests in areas of textiles and agriculture are being substantially met in this approved trade liberalization.
I look forward to working with you for promoting regional trade, which will benefit the South Asia region.
Warm Regards.
Arvind Saxena
Counsellor(Economic & Commercial)
High Commission of India
Islamabad, Pakistan.
QUOTE
INDIA REDUCES SAFTA SENSITIVE LIST FOR NLDCs BY 264 TARIFF LINES
Ministry of Commerce, Government of India
Date : 18 Aug 2012
Location : New Delhi
The Cabinet yesterday approved Reduction of 30% (264 tariff lines,) from the SAFTA Sensitive list for Non Least Developed Countries (NLDCs) allowing the peak tariff rates to reduce to 5% within three years, as per agreed SAFTA process of tariff liberalization. This shall reduce India's Sensitive list for Pakistan from 878 to 614 tariff lines. With this decision India has effectively performed its lead role in harmonising the SAFTA framework and ensuring move towards a vibrant economic community and move towards normalisation of trade relations with Pakistan.
India has, in the last one year, steered the trade liberalization process under SAFTA so as to accelerate the pace of the process for SAFTA Economic Integration. A major step taken in this direction was to unilaterally reduce its sensitive list for the Least Developed Countries (LDCs) under SAFTA, in November 2011, to 25 tariff lines thus allowing all other imports at zero basic customs duty. Afghanistan, Bangladesh, Bhutan, Maldives and Nepal benefited as a result of this trade liberalisation move.
The bilateral trade dialogue with Pakistan resumed in April 2011. Sustained discussions at various levels resulted in the drawing of a roadmap for an uninterruptible and irreversible trade liberalisation process.
Commerce Ministers of India and Pakistan, during the bilateral meeting held at Islamabad on 14th February 2012, agreed that India will consider reduction of up to 30% of its SAFTA Sensitive List, within four months of the notification of a small negative list by Pakistan. Consequently, Pakistan Government moved from its 'positive list' regime to a 'negative list' regime notifying it in March 2012.
India has also taken significant steps to take forward the trade liberalisation process. It has removed the restrictions on investments from Pakistan, agreed upon a liberalised visa regime, opened a state of the art Integrated Check Post (ICP) to encourage two way trade.
UNQUOTE
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Tariq Khattak
Editor Pakistan's Largest Media Group (Over 26,000 Members)
Journalist, Columnist, Feature Writer, Photographer and Consultant
Editor Commerce in an English Daily, Cell: 0300-9599007 and 0333-9599007
Phone: 051-2852027/8. Fax: 051-2262258. Alt email Tariqgulkhattak@hotmail.com
Posts Pakistan-Media@yahoogroups.com. Pakistan-Media-Group@googlegroups.com. Skype = tarik.khattaks
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Editor,
Tariq Khattak.
0300-9599007 and 0333-9599007
Tariqgulkhattak@gmail.com
Tariq Khattak.
0300-9599007 and 0333-9599007
Tariqgulkhattak@gmail.com
.
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