1.   

India, Pak draw plan for free trade in 5 years

Barely two years after resuming trade talks, India and Pakistan have chalked out a plan to emerge as virtually free trading nations in South Asia in the next five years. This could pave the way for other countries in countries in the region to follow as precursor to South Asia emerging a free trade zone in eight years from now. Other member countries in the Saarc region include Bangladesh, Sri Lanka, Nepal, Bhutan, Maldives and Afghanistan.

2.   

Trade deficit moderates to 3.9 pc on low imports: RBI

Decline in imports moderates India's current account deficit to 3.9 percent of the GDP in first quarter of 2012-13 as against a record high of 4.5 percent in the previous quarter (January-March), reports media. "During Q1 of 2012-13, a moderation in trade deficit due to sharper decline in imports as compared with exports coupled with improvements in secondary income led to decline in current account deficit in absolute terms as compared with Q1 of the previous year," RBI said.

3.   

Pak wants trade in all items with India via Wagah border

Pakistan has proposed that trade of all items with India — except those included in the negative list — should be allowed through the Wagah land border, Commerce Secretary Munir Qureshi has said. Qureshi said his Ministry has forwarded a proposal in this regard to the Economic Coordination Committee of the Cabinet (ECC), the main decision—making body on economic matters.

4.   

India seeks to clinch wheat export deal with Iran

India will send a delegation to sanctions-hit Iran next week to clinch a wheat export deal after months of negotiations to help partly meet payments for Iranian oil and fix an imbalance in trade in favour of Tehran, government sources said on Friday. Refiners in India, Iran’s second-biggest oil client after China, have been settling 45% of oil purchases from Tehran in rupees under a new payment mechanism, while continuing to pay the remainder in euros through Turkey’s Halkbank.