KARACHI: Indian High Commissioner TCA Raghavan said here on Thursday that talks between the central banks of India and Pakistan are in an advanced stage for opening of scheduled bank branches in Karachi and Mumbai.
Similarly, there is a strong demand from trade and general public of both the countries for opening of consulates at Karachi and Mumbai, he said and expressed the hope that this dream would also come true in the near future on getting approval from both the governments of India and Pakistan.
Speaking to business and industry leaders at a luncheon meeting, organised by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Thursday at the Federation House, the Indian High Commissioner disclosed that working for opening of bank branches is in an advanced stage and it would be a great achievement for both the countries because this would allow currency swab against their import and export trade.
Responding to a point raised by a business leader, Mr Raghavan disclosed that Indian government had already decided to issue multiple visas for the business community of Pakistan.
The visa would be issued on the recommendation of trade bodies, including the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and Karachi Chamber of Commerce and Industry (KCCI), he added.
The Indian envoy further explained that unlike in the past when movement of visiting Pakistani businessmen to India was restricted, the multiple visa would now allow them to move to other cities and this would help promote trade and enhance cooperation between the two countries.
However, he brushed aside the notion that India was restricting flow of water by violating Indus Water Treaty and said that there was a lot of negative talk on the water issue in Pakistan, but the fact was that it was not more than a usual problem that arises between upper and lower riparian of rivers.
Speaking on the occasion, FPCCI president Zubair Ahmed Malik said that all the issues confronting both the countries should be taken up, including Kashmir and MFN for India as this would pave away for closer trade relations between the two neighbouring countires.
He further said that the people of the two countries would benefit from the increase in trade volume, and it would also result in higher revenue to their national exchequers.
Presently much of the trade, he said is done through third country or through unofficial channels.
The FPCCI chief also raised the issue of imbalance in trade between the two countries which is heavily tilted in favour of India and said that Pakistan imports goods worth around $2.1bn from India and exports $0.5bn.
In response to this, Mr Raghavan said that similar situation was being faced by India with China and on having two-way trade of around $100bn, mostly there are imports from China and there are very little exports from India.
The Indian envoy stressed the need for expansion of trade relations between the regional countries and viewed that it would also favour both Pakistan and India.
