In a telephonic conversation with Profit, Chief Executive of Trade Development Authority of Pakistan (TDAP) Tariq Puri, from Delhi, said that relaxing the restrictions on investment in both countries was another breakthrough after the Indian announcement to withdraw its objection over the European Union’s trade concession to Pakistan. The Indian Ministry of Commerce, according to Puri, has agreed to soften the ban on investment in order to promote further business activities while simultaneously strengthening trade ties. According to sources Pakistan was the only country in India’s negative list under the Foreign Exchange Management Act. Delhi had deleted the names of Sri Lanka in 2006 and Bangladesh in 2007 from the list. As Indian government has not banned Chinese investment, it was examining the possibility of removing Pakistan from the list as well. Talking about the Most Favored Nation (MFN) status demanded by India, he said that the issues have almost been resolved and Pakistan has minimised the negative list of trade while enhancing the positive list of trade items. However, sources claimed that Pakistani side is likely to grant complete MFN status to India during the secretary level talks scheduled to be held in Delhi in November this year. Puri said, that as Pakistani High Commissioner is already ready to soften the visa policy the Indian move is also encouraging to increase the exchange of visits businessmen, traders from both sides. Both countries have decided to put in place a liberalised visa regime from November 2011 for business communities of both nations. The new business visa regime was expected to allow multiple-entry and could be for a period of two years. Earlier on Thursday, the officials and businessmen from both sides during a B to B meetings also discussed the Non-Tariff Barriers (NTBs) faced by importers/exporters from both countries. Pakistani exporters also raised various questions related to the non-technical trade barriers they faced in the neighboring country, with the Indian concerned authorities.
