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First Indo-Pak expert group meet ends, takes steps to boost petro trade | The inaugural two-day meet between
India and Pakistan on trade in petroleum and petrochemical products concluded
here on Wednesday, with the two sides deciding on taking steps to improve bilateral
petro trade. India welcomed Pakistan ’s initiative of increasing the items allowed
for import through land route from 110 to 137. It was noted that trade through
road route was limited to specified products. India suggested that solid products
like Pet Coke and Sulphur could be moved in open trucks, finished lubes (small
packs & drums) in containers, and liquid products like Hexane, MTO, Petrol, Furnace
Oil, LAB, MEG, DEG, TEG, Lube oil base stock be transported in ISO tank containers
/tank trucks. It was noted that the use of Attari-Wagah railway line was currently
limited to trade in petrochemical products only, mainly by Indian Oil Corporation
Limited. Both sides agreed that the current prohibition on rail movement of container
and open wagons for Pet Coke and Sulphur needs to be re-examined. The Indian side
emphasized on developing the Munabao-Khokrapar route for trade. Noting that the
current cost of confirmation of letters of credit was high, both sides agreed
on the need to work out back-to-back credit lines between banks for an efficient
trade finance arrangement between them. It was agreed that the issue would be
taken up with the respective Central Banks, Finance Ministries and other agencies.
Both sides also noted the need for a direct courier service between India and
Pakistan and agreed to take up the matter with the appropriate authorities. The
Indian delegation was led by Vivek Kumar, Joint Secretary (International Cooperation),
Ministry of Petroleum and Natural Gas while Shabbir Ahmad, Joint Secretary (I
and JV), Ministry of Petroleum & Natural Resources, led the Pakistani delegation.
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