Search the Internet          Tips  Sites: Finance, Investment

India seeks MFN status from Pakistan

The leader of an Indian business delegation has urged Pakistan to consider give India the most favoured nation status, which New Delhi has already granted to Islamabad.

Jagdish Khattar, the leader of a 15-member Confederation of Indian Industry delegation, made the request Saturday, SADA reported.

"If your government allows, we can export parts and components to the auto sector which are not manufactured locally," he told newsmen at a Karachi Chamber of Commerce and Industry seminar.

He said the auto industry had achieved around 90 per cent deletion despite the fact that the excise duty was still 32 per cent and 12 per cent sales tax.

Khattar, who is also the managing director of Maruti Udyog Ltd, said in the era of globalisation it was the right time to buy components from a neighbour instead of importing them from any country.

As a result of liberalisation, the price of Maruti 800 CC had come down to Rs 125,000 as compared to Rs 132,000 in 1995. The auto industry is operating without any subsidy.

India is also liberalising imports, and by 2003 the customs duty in India will be 20 per cent and the excise duty will reach 15 per cent. He said there were chances of entering into free trade agreement with Pakistan on the same lines as India had a free trade agreement with Sri Lanka, Nepal and other countries.

He also invited the Pakistan business community to participate in Auto Expo, to be held January 15-22 in New Delhi and ITCN software to be held also in the Indian capital in February.

Indo-Asian News Service

Money
Business News

Tell us what you think of this report