India, Pakistan explore ways to boost petroleum trade

In a bid to give a big push to trade in petroleum products, India and Pakistan have decided to have focussed approach to identify possible supply routes, source and point of supply, regulatory framework and enhancement of direct banking and postal services.

It wasdecided to chalk out a road map to take the talks further in a focussed manner. Pakistan has been invited to send a team to New Delhi this month-end to work out all parameters for giving petroleum trade a new direction.

In the previous round of talks held in Islamabad held last month, the Indian side offered a range of products, including pet coke, sulphur, bitumen, lubricants as per quality requirements of Pakistan.

It was decided that before operationalising a formal trade in petroleum products, harmonisation and recognition of standards/procedures and regulatory framework in vogue need to be examined in detail. Both sides felt that banking services should be enhanced to facilitate business through letters of credit. Direct routing of postal/courier services was also discussed.

It was felt that the SAARC Preferential Trading Arrangement (SAPTA) certificate recognition system be made online; multi-city and multiple entry non-reporting visas for businessmen on both sides be introduced and warehousing and tankage facilities with infrastructure facilities such as cranes, fork lifts and other machinery be set up at the Wagah border.

The meeting also discussed the possibility of import of petroleum, oil and lubricant (POL) products from India and specifications for furnace oil, diesel, Jet-I and petro. The Pakistan side sought to know the capacity and supply position of India for exports.

This article is closed for comments.
Please Email the Editor

Printable version | Nov 26, 2020 6:54:46 PM |

Next Story