India, Pak to swap biz info
To boost the bilateral trade between India and Pakistan, the two countries are likely to soon allow exchange of business information electronically.india Updated: May 11, 2006 01:47 IST
To boost the bilateral trade between India and Pakistan, the two countries are likely to soon allow exchange of business information electronically. Both countries will depute IT experts to study the feasibility of exchange of information electronically. A joint study group has also agreed to exchange information on valuation of goods wherever the customs authorities on each side had reasons to suspect the validity of the declaration made by the exporters/importers.
According to Federation of Indian Chamber of Commerce and Industry (FICCI), the bilateral trade between India and Pakistan was about $650 million during 2005-06. Industry body said that the trade between the two countries grew by $150 million over the previous year. The two countries have also agreed to exchange trade statistics at the six-digit level and agreed for mutual technical assistance and capacity building. The joint working group has agreed that the SAARC agreement on mutual administrative assistance in customs-related matters could be used as basis for customs cooperation.
According to a letter from the office of Commerce Secretary, “Nodal points would be nominated within 15 days for communication of requests for administrative assistance to each other. Currently, there is no bilateral customs agreement between India and Pakistan.”