Pakistan and India on Wednesday agreed to trade concessions. According to reports, Islamabad will reduce tariffs on the import of Indian goods. New Delhi, in return would withdraw its objections to the European Union’s trade concession to Pakistan; EU had promised Pakistan trade concessions to help it recover from the floods of 2010. Pakistan’s exports are expected to rise by $136 million. Indian Commerce Minister Anand Sharma confirmed in a statement his country would be “supportive” of the concessions.
New Delhi also agreed to ease visa restrictions for Pakistani businessmen. Commerce Secretary Zafar Mehmood and his Indian counterpart, Rahul Khullar, are scheduled to meet in November. A delegation from the Reserve Bank of India will visit Pakistan in October to discuss establishment of formal banking links between the two countries. Although a formal agreement is yet to be signed, officials are optimistic about recent developments.