Rs.50 mn sanctioned for cross-LoC trade infrastructure

September 26th, 2008 - 9:52 pm ICT by IANS  

Kolkata, Sep 26 (IANS) The government has sanctioned Rs.50 million to build infrastructure to begin cross-border trade with Pakistan at the Line of Control (LoC), Minister of State for Power and Commerce Jairam Ramesh said here Friday.”Rs.5 crore (Rs.50 million) has already been sanctioned for building cross-border trade infrastructure,” Ramesh said on the sidelines of a Damodar Valley Corp press meet.

The decision to go ahead with trade between the regions divided by the LoC was taken at a meeting of the Joint Working Group on cross-LoC confidence-building measures (CBMs). There will be zero trade tariff on items produced in the regions along the Srinagar-Muzaffarabad and Poonch-Rawalkot routes.

India and Pakistan on Sep 23 finalised the modalities of the cross-LoC trade.

Trade will begin late next month.

Related Stories

Tags: , , , , , , , , ,

Posted in Business |