In a good news for business community of two countries, India and Pakistan may open bank branches in port cities of the two countries to improve financial relations between the two nations.
Islamabad, Feb 7/Nationalturk – The arch rivals and nuclear foes India and Pakistan may open bank branches in port cities of the two countries to improve financial relations between the two nations.
“India and Pakistan will sign an agreement next month to open bank branches in Mumbai (Indian financial capital) and Karachi (Pakistan’s port city),” Indian envoy to Pakistan T C A Raghavan was quoted as saying by Pakistan newspaper, Express Tribune.
Raghavan, who was addressing the business community at the head office of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) yesterday, said banking links will give a boost to trade and commerce between the two countries.
“The bilateral trade between India and Pakistan has grown considerably in last few years. However, it is still far behind its true potential,” he said adding his country wants to provide all possible support to the business community of Pakistan so that the two neighbours can increase bilateral trade according to their potential.
According to figures India, bilateral trade recorded a net increase of $410 million from April 2012 to March 2013, up 20%. Pakistan’s exports to India grew 28% while Indian exports to Pakistan increased 19% during this period.
‘Visa conditions on Pakistan travellers eased’
Referring to visa issues faced by Pakistani businessmen and traders, Indian envoy said his country has eased its visa conditions and is processing more multiple-entry visas for Pakistani businessmen.
India has decided to provide visa on arrival for nationals of about 180 countries. However, this scheme will not be applicable for the citizens of Pakistan and some other handful of countries.
Indian has been pressing Pakistan to grant it Most Favoured Nation status, which it has provided to its arch rival much earlier. Pakistan has been reluctant in providing MFN status to India.
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