The Punjab chapter of the PHD Chamber of Commerce and Industry and the Lahore Chamber of Commerce and Industry signed a memorandum of understanding (MoU) in Lahore on Tuesday with the aim of strengthening trade and commerce ties between India and Pakistan.
The MoU was signed by Aftab Ahmed Vohra, chairman, Lahore Chamber of Commerce, and Rajiv Bali, chairman, Punjab committee, PHD Chamber of Commerce, in the presence of Punjab deputy chief minister Sukhbir Singh Badal and Pakistan Punjab CM Shahbaz Sharif.
Describing it a historic day in the history of India-Pakistan relations, Sukhbir said it was for the first time that both chambers had joined hands, adding that they would work in tandem with both countries to give a fillip to bilateral trade.
Expressing satisfaction over the initiative of the two chambers of commerce, Sharif said both countries would have to adopt a pro-active approach to resolve problems.
Earlier, industrial and business houses participating in discussions sought easy visa clearance for trade and commerce, allowing trade in local currency, adopting the cluster approach for industrialisation, both countries allowing foreign direct investment (FDI) in each others' industry and the enactment of an arbitration procedure to resolve business disputes.