India and Pakistan Wednesday agreed to "normalise" their economic relations, setting an ambitious target of more than doubling bilateral trade to USD six billion within three years.
As a goodwill gesture, New Delhi will support Islamabad in WTO for European Union proposal to extend duty benefits to Pakistani textiles, a concession given by EU on account of floods in Pakistan.
"India will be constructive and supportive as and when the WTO takes up this matter," Sharma said.
On Pakistani demand for allowing cross-border investments, he said India would take an early decision.
"It is engaging our active and constructive attention at the highest level and you can expect an early decision," Sharma said.
Doubling of bilateral trade would also be facilitated through an MoU signed between the India Trade Promotion Organisation and the Trade Development Authority of Pakistan.
The ministers also directed their Commerce Secretaries to prepare roadmaps for greater preferential trading arrangements between the countries.
"They agreed to further promote greater intra-regional connectivity through road, rail, shipping and air," the statement said.
They expected that the visa regime for businessmen would be liberalised before November, when Commerce Secretaries of the two countries meet again. They had earlier met in Islamabad on April 27-28 this year.
The ministers expressed hope that the new business visa regime would allow multiple entry and could be for upto one year. "They emphasised that a more secure regional environment would progressively help the visa arrangements for business persons," it said.
There was an agreement that bilateral trade liberalisation process should be uninterruptible and irreversible, it added.
Sharma also said BT cotton trade will be given a greater thrust and a committee will facilitate the requisite testing for pest.
The minister said that industry bodies CII and Ficci have been advised to take business delegation to Pakistan to work closely with the businessmen of both the countries.
He also said India is spending Rs 150 crore to strengthen the infrastructure at the Attari-Wagah border.
"The second gate will be constructed and will be ready for opening by end October or early November. The trading hours will be extended from 7 am to 7 pm in summers and 7 am to 5 pm in winters," he said.
Both the governments have also agreed for closer cooperation between the customs officials to ensure faster clearances of consignments.
Sharma has also accepted Pakistan's invitation to visit Islamabad with an official and business delegation.
"Dates will be finalised soon," he said.