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India, Pakistan to open bank branches on
reciprocal basis
Thursday September 29, 2011 07:19:59 PM,
IANS
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India, Pakistan to double bilateral trade, liberalise visa regime
Pushing
their trade diplomacy amid differences over a host of issues like
cross-border terror, India and Pakistan Wednesday agreed to
jointly double bilateral trade to $6 billion annually and decided
to liberalize their visa regime for businessmen of both countries.
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New Delhi:
India and Pakistan have agreed to open bank branches on a
reciprocal basis in a bid to facilitate the flow of investment and
trade, the commerce ministers of the two countries Thursday.
"The Reserve Bank of India and the State Bank of Pakistan (the
central banks of two countries) have already discussed this matter
and will take the next step," India's Commerce and Industry
Minister Anand Sharma told reporters on the sidelines of a
conference here.
Sharma said the central banks of the two countries would soon
decide on the place and timeframe of opening branches of
commercial banks.
"When we are going to encourage trade and industrialisation, the
enabling infrastructure is not only the integrated check posts and
custom stations, banks are also essential. That's why the central
banks of two countries are in dialogue," he added.
Pakistan's Commerce Minister Muhammad Amin Fahim said the
governments of both countries have directed their respective
central banks to facilitate the opening of commercial bank
branches on a reciprocal basis.
"Both countries are now poised to open bank branches and land
routes," Fahim said at a conference organised by the Federation of
Indian Chambers of Commerce and Industry (FICCI) here.
Senior Reserve Bank of India officials are likely to visit
Pakistan to discuss the modalities for opening bank branches.
Fahim, who is on a five-day official visit to India, said the two
countries have taken a number of measures to facilitate the flow
of trade and investments.
"Bilateral trade between India and Pakistan is expected to
flourish and hopefully all non-tariff barriers shall soon be
removed. These measures will end a positive signal to the business
communities about the sincere intention of the two governments,"
he said.
During a bilateral meeting Wednesday, trade ministers of India and
Pakistan set a target to increase bilateral trade to $6 billion in
three years from the current level of $2.7 billion.
"The atmosphere of fear and apprehension has reduced considerably
and business persons in both countries have started to believe
that governments are committed to normalisation of trade
relations," Fahim said.
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