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India may soon be able to export petroleum products to Pakistan.
“Petroleum products (from India) will not be on the negative list,” the Pakistan Commerce Secretary, Mr Zafar Mahmood, said at a press conference after the conclusion of talks between the Commerce Ministers of India and Pakistan here late this evening.
When Pakistan allows imports of petroleum products from India it will open up a new market for a number of refiners including Reliance Industries and IndianOil Corporation Ltd (IOC).
Addressing the media, the Commerce Minister, Mr Anand Sharma, said the issue of investment by Indian businesses in Pakistan and Pakistan entities in India as also joint ventures between them was discussed. Currently, this is not allowed.
“This is engaging our active and constructive attention at the highest level. You can expect an early decision,” Mr Sharma said.
The two Ministers agreed to jointly work to more than double bilateral trade within three years from the current level of $2.7 billion annually to about $6 billion.
The two sides decided to constitute expert groups on energy and petroleum.
A decision on issue of multiple entry visas which will allow travel to multiple cities can also be expected soon, Mr Sharma said. “We will put in place a liberal business visa regime,” the Minister said.
Besides, infrastructure at Attari and Wagah is being strengthened with India spending Rs 150 crore for the construction of a second gate at the border to facilitate trade. The second gate should become operational from end October or early November, Mr Sharma said.
On the issue of Pakistan coming up with a negative list for exports from India, the Pakistan Commerce Minister, Mr Makhdoom Mahammad Amin Fahim, said “things are moving according to plan, a negative list will be finalised”.
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