The Pakistan Commerce Minister, Makhdoom M Amin Fahim while addressing a business summit here organised by the apex industry body, FICCI said : “As regards South Asia Free Trade Agreement (SAFTA), we wish to make it an effective and meaningful agreement. To do that, it is hoped that the unnecessary long sensitive lists may be considerably reduced.”

SAFTA, he said would enter into negotiations with ASEAN to create a bigger block, thus having ASEAN as a partner, on the east and ECOTA, which has Turkey and Central Asia on the west.

Fahim said ; “both the countries are now poised to open bank branches.” The permission for opening bank branches in each other countries should be given by the central banks.

Toeing the same line the Indian Commerce and Industry Minister, Anand Sharma said “it is a message not only for South Asia, but for the entire world. He described his meeting with his Pakistan counterpart as “a defining one.” “We will now write a new chapter,” he said.

Sharma said that when North American states can unite under NAFTA, Europe under European Union and South American countries under Mercosur and Andean groups, then why the South Asian countries cannot do so. In this present time of economic crisis, the European Union is bailing out the PIGS nations – Portugal, Ireland. Greece and Spain.

In the Gulf region, nations were also coming close in a grouping, he said.

He suggested also suggested relationship of South Asian group – SAARC – with ASEAN and the East Asia Summit.

He said that India was committed to inclusive growth and following this principle the resources generated in the region should be invested for the welfare of the people and for generating employment.

The President of the Federation of Pakistan Chambers of Commerce and Industry (EPCCI) and Senator, Haji Ghulam Ali called for people-to-people friendship between the two countries and said that India should be accorded Most Favoured Nation (MFN) status by Pakistan. India had already accorded MFN status to Pakistan 15 years ago.

In an another business meeting organised by the Confederation of Indian Industries (CII), the Pakistan Commerce Secretary, Zafar Mahmood invited Indian businessmen to invest in Pakistan. However, in yesterday’s meeting it was decided that investment decision would be taken up at the highest levels in two countries.

Another apex Indian industry body, Assocham also hosted a business summit in the honour of the visiting Pakistan dignitary, in which a strong plea was made for cooperation between the small and medium sized enterpries of the two countries. The leader of the Opposition in the Upper House of the Indian Parliament and the former Commer and Industry Minister, Arun Jaitley supported the idea of boosting regional and bilateral trade as the process in WTO negotiation has slowed down.