Federation of Pakistan Chamber of Commerce and Industry, Saarc Chamber of Commerce and Industry welcomes Indian move to cut sensitive list

Islamabad, August 27, 2012 (PPI-OT): The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) has welcomed India’s decision to reduce 264 tariff lines for SAFTA sensitive list.

President FPCCI Haji Fazal Kadir Sherani, Former President SAARC Chamber of Commerce Tariq Sayeed and S M Muneer President India Pakistan Chamber of Commerce and Iftikhar Ali Malik, VP Saarc Chamber said this while speaking at a meeting of business community.

They said that this bold decision by the will go a long way in eliminating poverty and help uplift the standard of living of the 40 million people of both the countries living below the poverty line. At the occasion, Tariq Sayeed welcomed the decision of Indian government to allow Pakistani investors to purchase shares and debentures in Indian companies and entities.

He said that that 30 per cent reduction in SAFTA is a decision in the right direction which aimed at increasing regional trade.

India has already allowed tariff reduction on 264 SAFTA items which would benefit Pakistani exporters, said Sayeed adding that, “This decision will enable us to further penetrate into Indian market”, Iftikhar Ali Malik said that the Indian government has approved the other day reduction of 30% (264 tariff lines,) from the SAFTA Sensitive list for NLDCs allowing the peak tariff rates to reduce to 5% within three years, as per agreed SAFTA process of tariff liberalization. This shall reduce India’s Sensitive list for Pakistan from 878 to 614 tariff lines.

SM Muneer said that with this decision India has performed its positive role in harmonizing the SAFTA framework and ensuring move towards a vibrant economic community and move towards normalization of trade relations with Pakistan.

Muneer said that he had suggested Indian government to make the decision in a recent business conclave of SAARC countries and India-Pakistan business talks held in Mumbai and New Delhi as well as Kunming and Chengdu (China) wherein a number of business leaders gathered to discuss measures for enhancing SAARC and regional trade.

For more information, contact:
Syed Masood Alam Rizvi
Secretary General
Federation of Pakistan Chambers of Commerce & Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Karachi-75600, Pakistan
Tel: 0092-21-35873691, 93-94
Fax: +9221 3587 4332
Email: info@fpcci.com.pk
URL: www.fpcci.com.pk

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