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Pak cuts import duty on 600 items from India

As Indo-Pak tensions show signs of abatement, Pakistan has further raised prospects of a large-scale increase in bilateral trade by exempting duty on over 600 items imported from India.

Besides slashing duty over these items, Pakistan has in principle included India to avail tariff concessions being worked out under the South Asian Preferential Trade Agreement of the SAARC, The News said, quoting a government notification.

The notification came into effect from June 15, it said, adding similar concessions have been offered to Iran and Turkey also.

Extra concessions have also been offered to SAARC countries other than India on the items imported from those nations under category of Least Developed Countries, the report said.

Officials were not immediately available to comment on it but the new order could pave the way for normalisation of trade relations, which have always been linked by Pakistan to resolution of the Kashmir issue.

However, Pakistan so far has not extended the Most Favoured Nation status to India, which was required under SAARC charter even though India has extended the same to Pakistan along with other members.

The slow progress of SAFTA (South Asian Free Trade Agreement) process was also blamed on Indo-Pak tensions.

The Indo-Pak trade was stated to be around $500 million with balance of trade in favour of India.

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