ISLAMABAD: The ministry of commerce has evolved a strategy for revival of the suspended talks with India on trade liberalisation with a focus on boosting trade through Wagha border.

The new strategy prepared by the ministry was shared with Finance Minister Ishaq Dar on Saturday. Prime Minister Nawaz Sharif has tasked the finance minister to oversee the policies of the commerce ministry especially those related to India.

Commerce Minister Khurram Dastgir Khan briefed the finance minister over the strategy especially reduction in the sensitive list under the South Asia Free Trade Area (Safta) Agreement.

The sensitive list of India consists of 614 items and Pakistan’s 936 items.

Pakistan has kept 1,209 items in the negative list, which are banned for trade with India.

While the items placed on the sensitive list are allowed but subject to high customs duties.

Pakistan on March 20 delayed a decision on a trade deal with India saying it would finalise it with the upcoming government after elections in New Delhi.

Khurram briefed the meeting about the country’s trade relations with regional countries. He also informed that he would be representing Pakistan in the forthcoming Safta meeting to be held in Bhutan next week and would be holding talks with his new Indian counterpart Ms Nirmala Sitharaman.

In 2012, Pakistan has expanded the list of tradable items from 1,918 items to 5,800 items.

Foreign Secretary Aizaz Ahmad Chaudhry gave an overview of the political dimensions in the regional context and suggested ways and means to move ahead on the agenda of closer commercial relations within Saarc.

He also briefed the participants of the meeting on latest political developments in the region and their impact on mutual bilateral relations. The foreign office, however, is understood to be opposed to the move as it believes that the trade talks should be part of full resumption of composite dialogue on all areas.

Dar said that it must be ensured that all the concessions on the regional cooperation are on reciprocal basis. He underlined that Pakistan was ready to move forward on extending its trade and investment relations with the regional countries provided that the other countries also provide meaningful market access and level playing field for Pakistan’s exports.

*Published in Dawn, July 20th , 2014 *