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The Joint Study Group (JSG) to be co-chaired by the Commerce Secretaries of India and Pakistan would, among other things, look at certain preferential trading arrangement on goods, services and investments on a fast-track basis, Shri Kamal Nath, Union Minister of Commerce and Industry, said in reply to a question on economic cooperation with Pakistan in the Rajya Sabha today. JSG would also discuss the possibility of enhancing economic cooperation in other areas of mutual interest. The detailed terms of reference of the JSG would be finalized after further consultations between the sides in its first meeting likely to be convened shortly, the Minister said.
As a part of the Composite dialogue, a meeting on Economic and Commercial Cooperation with Pakistan was held at Commerce Secretaries’ level on 11-12 August, 2004 in Islamabad for giving a positive direction to the economic activities between the two countries. Then, in the wings of the 4th SAARC Commerce Ministers Meeting in Islamabad on 22-23 November, 2004 Commerce Ministers of India and Pakistan met to discuss roadmap for promoting trade between the two countries. During this meeting, they had agreed to set up the Joint Study Group, Shri Kamal Nath added.
Meanwhile, India and the Gulf Cooperation Council (GCC) have signed a Framework Agreement on Economic Cooperation (FAC). The Agreement was a jointly signed by the Minister of Commerce & Industry; the Foreign Minister of Kuwait in his capacity of President of GCC and Secretary-General of GCC on the 25 August, 2004 in New Delhi. The Agreement aims at expansion and liberalisation of trade and enhancement of the level of economic cooperation between India and the GCC. As a follow up of the signing of the Agreement, research institutions have been entrusted with conducting studies on various aspects of the FAC. Discussions were held with a GCC delegation in New Delhi on 19 November, 2004, in which both sides, inter-alia, agreed to continue the process of dialogue in the context of the provisions of the Agreement, Shri Kamal Nath said while replying to another question in the Rajya Sabha today.
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