GEO BUSINESS

Pak-India trade talks begin

Updated at: 1500 PST,  Wednesday, April 27, 2011  ISLAMABAD: India and Pakistan on Wednesday began their first trade talks since the 2008 Mumbai attacks, opening a two-day session designed to boost business between the two neighbours. Secretary Commerce and Trade Zafar Mahmood and his Indian counterpart Rahul Khullar led the talks at a five-star hotel in Islamabad. "I believe that this meeting will take the dialogue process forward and by the end of the meeting all issues relating to facilitation and promotion of bilateral trade could be addressed with consensus," Mahmood said. Mahmood said the talks had an "open agenda" and the two sides would discuss "all the issues" of interest to both countries. He said improving trade would economically benefit both countries and the region. Pakistan's economy languishes far behind that of India. "Pakistan understands that there is a great potential to further increase the bilateral trade," Mahmood said. Khullar called for a quick turnaround of trade after four previous rounds of commerce talks ground to a halt in the wake of the Mumbai attacks. "This is a process that was interrupted and that must resume and go on. It must acquire significantly fast momentum if only to catch up for the time that we have lost," Khullar said. "We are ready and willing to move forward and our only perspective here is one of constructive engagement to move the bilateral trade agenda and commercial agenda ahead and fast." Trade between Pakistan and India is around $2 billion. (AFP)