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The South Asia Free Trade Area (SAFTA) Agreement, which is scheduled to come into effect from 1st January 2006, is expected to give a significant boost to trade and economic activities between India and Pakistan, Shri Kamal Nath, Union Minister of Commerce & Industry, said in reply to a question in Rajya Sabha today.
The two-way trade between India and Pakistan during April-July 2004 has almost tripled, rising to US $ 186.30 million as against US $ 64.41 million during the corresponding period last fiscal. If the positive trend continues, the two-way trade could well cross half a billion dollars this fiscal.
A Joint Study Group has been set up at the level of the Commerce Secretaries of both the countries for evolving a strategy for boosting trade between India and Pakistan.
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