New Delhi: India is considering allowing in its territory Pakistani banks, and the neighbouring country is set to reciprocate, for strengthening bilateral trade. A common view was expressed by commerce ministers of the two countries at a FICCI meeting in New Delhi on Thursday.
"The Reserve Bank of India and State Bank of Pakistan have already discussed this matter and will take the next step," Commerce and Industry Minister Anand Sharma said.
Sharma, who held official level talks with Pakistan Commerce Minister Makhdoom Amin Fahim on Wednesday, said "When we are going to encourage trade and investment, not only customs check posts but banks are also essential."
Making a similar comment, Fahim said, "Both countries are now poised to open bank branches and land routes."
He said the "atmosphere of fear and apprehension has reduced considerably" and the businessmen in both the countries have started to "believe their governments".
Later at an Assocham meeting, Fahim said the two nations owe it to the future generations to iron out differences and move forward. Happy over the response he received in India in the last four days, Fahim said, "If we are taking one step, your people are taking two steps".
Assocham President Dilip Modi announced that the chamber would be sending a high-level business delegation to Pakistan in November. It will comprise honchos like KP Singh of DLF, Sajjan Jindal of JSW Steel and Analjit Singh of Max group.
Earlier, Sharma said the two governments would try and resolve visa related problems of businessmen. Bilateral trade is set to rise to $6 bn in 3 years from $2.7 bn.
Fahim informed Sharma that Pakistan recognises that grant of the Most Favoured Nation (MFN) status to India would be key in expanding bilateral ties.
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