India and Pakistan have set a bilateral trade target of $6 billion by 2014. According to Pakistan’s commerce minister, Makhmood Muhammed Amin Fahim, greater liberalisation of trade might lead to exceeding the target. On a three-day visit to India, he tells Nayanima Basu the Pak government is ready to discuss anything to augment the trading and other relations. Edited excerpts:
How were your meetings with commerce and industry minister Anand Sharma and with Indian industry?
The meeting with my counterpart was very positive. We have opened up with each other and I hope the remaining bottlenecks would be ironed out. We will work together and we are now going to increase the volume of our trade to more than $6 bn.
We have come here with an open agenda, open mind. We are willing to discuss everything under the sky. I hope both the sides will achieve whatever is required.
Are we expecting any major breakthrough in the meeting of both commerce secretaries in November?
I think we did achieve a major breakthrough on Wednesday (at the bilateral meetings). We came to some understanding, our business communities met and we jointly took some major decisions.
What are those?
Opening up of trade. We have now set ourselves a bilateral trade target of $6 bn in the next three years,, which we hope to exceed. This will be in the interest of the people of India and Pakistan.
When can we expect Pakistan finally granting most favoured nation status (MFN) to India?
I would like to grant it tomorrow, if I had my way. But we need to follow some procedure. We want to also expedite it but I would like to ensure that once MFN status is granted, there is no need to amend it.
More From This Section
Could we expect a concrete decision on MFN in February, when our minister of commerce and industry visits Pakistan?
That will depend on the outcome of the meeting of the commerce secretaries in November. The guideline is there.
Is the grant of MFN status linked with the removal of non-tariff barriers by India?
Frankly, we came here with an open mind and we expect to take a decision on both these issues soon.
Are you hopeful of India removing the generic ban on investments from Pakistan?
Yes we are. Let’s see.
This was the first visit by a Pakistani commerce minister to India in 35 years. Do you see any change of attitude and mindset among the people of both countries on business?
Definitely, a change of mind. People on both the sides want a good relationship. Why should we think differently when we share the same culture and history? We should work together and take this relationship to a new level. Peace is the only way out and we must work for it, for development of the sub-continent.
Has there been any discussion on creating an economic bloc or a free trade zone like the European Union or the Association of Southeast Asian Nations?
We have taken the first step of opening and improving the trade relations between both countries. Eventually, we will move forward and think of other things as well.
When can we see trading on oil and power?
Many subjects are under discussion. There is no end to anything. Whatever under the roof is possible, we will discuss.
Will the secretary-level talks also deal with a preferential trade agreement?
We are ready to discuss anything. You just name it and we will take up the issue.