New Delhi, July 18: 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 and 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 and Natural Resources, led the Pakistani delegation. (ANI)