ISLAMABAD, May 16: Finance ministers of Pakistan and Afghanistan and deputy secretary of US Department of Treasury held a trilateral meeting on the sidelines of the Annual Meetings of Asian Development Bank, in Jeju Island, South Korea, on Sunday.
They reviewed the economic developments in the region and discussed a number of initiatives to foster close economic links between Pakistan and Afghanistan and the region in general.
The meeting noted that the level of trade between Pakistan and Afghanistan was rising rapidly and was likely to touch the billion-dollar mark this year. It was pointed out that there was scope for further expansion in trade provided new border points were established and transit trade arrangements further simplified.
A number of issues related to fast and unhindered movement of goods were examined. Finance Minister Shaukat Aziz pointed out that Pakistan was in the process of acquiring scanning machines to be placed at the border points that would discourage smuggling and pave the way for use of trucks for movement of Afghan transit cargo.
He also elaborated on a number of steps the government was taking in opening new border points and improving the efficiency of ports for expeditious clearance of goods.
He also mentioned that all major irritants had been removed, including curtailment of negative list of goods for Afghan transit trade. Afghan finance minister stated that there was a need to set up textile industry in Afghanistan. This would induce farmers to grow cotton, which had been a sizable crop in the past but was replaced by others, including poppy.
He further stated that a number of successful Pakistani manufacturers were keen to establish industry in Afghanistan. However, this would only be possible if Afghanistan was allowed preferential access to US and EU markets along the lines provided to Jordan and Bangladesh. -APP
