Safta sensitive list: FPCCI hails India’s decision to reduce tariff lines
ISLAMABAD: The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) on Monday welcomed India’s decision to reduce 264 tariff lines for South Asian Free Trade Area (Safta) sensitive list.
According to an announcement of the FPCCI on Monday, President FPCCI Haji Fazal Kadir Sherani, former president Saarc Chamber of Commerce Tariq Sayeed and S M Muneer President India Pakistan Chamber of Commerce and Iftikhar Ali Malik, VP Saarc Chamber said this while speaking at a meeting of business community. They said that this bold decision by the will go a long way in eliminating poverty and help uplift the standard of living of the 40 million people of both the countries living below the poverty line.
At the occasion, Tariq Sayeed welcomed the decision of Indian government to allow Pakistani investors to purchase shares and debentures in Indian companies and entities.
He said that that 30 percent reduction in Safta is a decision in the right direction which aimed at increasing regional trade. India has already allowed tariff reduction on 264 Safta items, which would benefit Pakistani exporters, said Sayeed adding that, “This decision will enable us to further penetrate into Indian market”.
Iftikhar Ali Malik said that the Indian government has approved the other day reduction of 30 per cent (264 tariff lines,) from the Safta sensitive list for NLDCs allowing the peak tariff rates to reduce to 5 per cent within three years, as per agreed Safta process of tariff liberalisation. This shall reduce India’s sensitive list for Pakistan from 878 to 614 tariff lines.
SM Muneer said that with this decision India has performed its positive role in harmonising the Safta framework and ensuring move towards a vibrant economic community and move towards normalisation of trade relations with Pakistan.
Muneer said that he had suggested Indian government to make the decision in a recent business conclave of Saarc countries and India-Pakistan business talks held in Mumbai and New Delhi as well as Kunming and Chengdu (China) wherein a number of business leaders gathered to discuss measures for enhancing Saarc and regional trade.