Both India and Pakistan today agreed to jointly work to more than double the bilateral trade within three years, from the current level of $2.7 billion per annum to about $6 billion per annum.

“Business visa regime between both the countries would be further liberalized and this matter is expected to be expeditiously concluded before November 2011. The new business visa regime would allow multiple entry and could be for a period up to one year,” said the visiting Commerce Minister of Pakistan, Makhdoom M Amin Fahim.

He said the issue of giving most favoured nation (MFN) status to India was still under discussion.

Joint expert groups on petro products and energy will further discuss issues of trade in these sectors.

A joint press statement issued after Fahim met the Indian Commerce and Industry Minister, Anand Sharma on Wednesday said : “the bilateral trade liberalization process should be uniterruptible and irreversible.”

This visit of the Pakistan guest is significant in the context that a Pakistan Commerce Minister is visiting India for first time after a gap of 35 years. Fahim is leading a high level official delegation which includes more than 50 businessmen. He arrived in India on September 26 and would leave the country on October 2.

Both the ministers mandated their commerce secretaries to pursue with vigour the task of fully normalizing bilateral trade relations. They agreed that they would cooperate for a high ambition of preferential trade relations under the framework of the South Asia Free Trade Agreement (SAFTA). They agreed that all mutual obligations contracted under SAFTA would be implemented with full sincerity.

Both Fahim and Sharma appreciated the progress made and the roadmap laid down for trade liberalization in the April 2011 meeting of commerce secretaries of the two countries.

They also mandated their commerce secretaries that when they meet in November 2011 they shall lay down specific timelines to normalize all trade relationships including dismantling of all non-tariff barriers and fully implement SAFTA obligations. They agreed to further promote greater intra-regional connectivity through road, rail, shipping and air.

Both the ministers noted with satisfaction the comprehensive ground covered in the August 2011 bilateral trade review held in New Delhi. This meeting has been an important milestone in identification of issues impeding trade in sectors like cement, textiles, surgical instruments as perceived by business communities of both the countries. Both the countries would vigourously address issues of trade infrastructure and promote bilateral trade through land route of Attari-Wagah.

Trade in Bt cotton between the two countries will be given a further boost. Second gate at Attari-Wagah border will be opened by the end of October or early November, this year and trading will be allowed between 7 am to 7 pm in summer and from 7 am to 5 pm in winter.

In the press conference, Sharma described the meeting as “useful”, “constructive” and “open”. The issues of investment by both the countries including the flow of FDIs and joint ventures will be discussed at the highest level he said.

To a query whether Pakistan is ready to import petro products from India, the Pakistan Commerce Secretary, Zafar Mahmood said “yes” in categorical terms.

Both the countries agreed to cooperate and work in close coordination at multilateral for a such as WTO and SAARC. Sharma said that India would support at the WTO the EU’s proposal for giving tariff concessions to Pakistan.