Pakistan Promises Non-Discriminatory Market Access To India

Market News

Pakistan Promises Non-Discriminatory Market Access To India

Pakistan will grant India the status of Non-Discriminatory Market Access (NDMA) to facilitate enhanced bilateral trade, Pakistan's Commerce Minister Khurram Dastigir Khan has said. "It is not MFN (Most Favoured Nation) but we call it NDMA which calls for non-discriminatory and parallel market access," said Khan.

Bilateral trade between India and Pakistan touched US$ 2.6 billion in 2012-13, an increase of 34.4% over last year's US$ 1.94 billion. Textiles, especially cotton and synthetic yarns, is an important trade commodity from India to Pakistan. Various sections in Pakistan, especially the extreme right wing, had objected to the term 'Most Favoured' being given to India because of the history of issues between the two sides. India had already granted MFN status to Pakistan in 1996. "We shouldn't be apprehensive of India's products and markets. Positive list has been replaced with negative list in PPP government and barring a few things all kind of trade with India is open since 2012," he said. "Besides India, countries like Iran, Afghanistan and Gulf region are attractive markets awaiting our products. We can make better returns but we must first organise ourselves," he said.

Referring to North America Free Trade Agreement (NAFTA) and Association of Southeast Asian Nation, Khan said Pakistan's economy would struggle to grow if it remains confined to its borders. Meanwhile, the minister informed that Pakistan's energy crisis would be overcome to a great extent by 2016.

The government is planning to take energy production to 40,000 megawatts and it is trying to switch over to coal-based power from furnace oil.