India and Pakistan reached agreement on Non Discriminatory Market Access (NDMA)
India and Pakistan released the joint statement providing for Non Discriminatory Market Access at 5th SAARC Business Leaders
India and Pakistan reached an agreement on providing Non Discriminatory Market Access (NDMA) in place of Most Favoured Nation status. The agreement on NDMA will help normalize bilateral trade between the two nations.
This was stated in a Joint Statement released by the Commerce Ministers of two nations at the end of 5th SAARC Business Leaders Conclave held in New Delhi on 18 January 2014. The Pakistan Trade Minister Khurram Dastgir Khan on this occasion extended the invitation to Union Commerce and Industry Ministry Anand Sharma to visit Pakistan in February 2014.
Highlights of Joint statement
• Both the countries agreed to provide Non Discriminatory Market Access (NDMA) on reciprocal basis to establish normal trading relations. This includes issuing bank licences to allow banks to function in each other’s country.
• Under agreed NDMA, India needs to open up to 614 items to Pakistan. Pakistan, on the other hand, needs to open up to India two lists comprising 936 and 1209 items
• To intensify and accelerate the process of trade normalization, liberalization and facilitation and to implement the agreed measures before the end of February 2014
• To make operational the Wagah – Attari Land Customs Station on all seven days of each week to provide the movement of containers, all tradable items by land route
• To liberalize business visa regime for the business community of both the nations along the Wagah – Attari border
• To convene the meetings of the technical working groups on Customs, Railways, Banking, Standards Organizations and Energy
• To hold India Show in collaboration with FICCI in Lahore with the objective of enhancing bilateral trade in February 2014.
• Along with India Show, a joint Vintage Car Rally between Amritsar and Lahore will be held to promote greater people to people contact
The Third meeting of Joint Business Forum of Chief Executive Officers is scheduled in Pakistan for mid-February of 2014. The Joint Business Forum will help enhance trade cooperation in diverse sector such as textiles, tourism light engineering, pharmaceuticals and others.