ISLAMABAD On the start of much-awaited trade talks between Pakistan and India since the Mumbai incident of 2008, issues related to trade were discussed, including opening of bank branches in the two countries, reducing non-tariff barriers and giving trade facilities to the private businessmen. Secretary Commerce Zafar Mahmood led the Pakistani side in the meeting while Indian Commerce Secretary Rahul Khullar headed his team. Pakistani High Commissioner to India Shahid Malik and Indian High Commissioner to Pakistan Sharat Sbharval also participated in the talks. Following the delegation-level talks on Wednesday, the two sides are expected to issue a joint statement on Thursday (today). Talking to the media, Zafar Mahmood said that negotiations were held in a cordial atmosphere and he hoped that the talks would be result-oriented. He further informed that several issues came under discussion on the first day of the two-day meeting, as it was an open meeting without any agenda. He further said that Islamabad and New Delhi have discussed opening bank branches in both the countries to facilitate traders. Sources informed The Nation that several issues came under discussion, however these would be finalised on the last day of the meeting. Sources further said that the issue of most favoured nations (MFN) status for India to facilitate the import of petroleum products and the export of cement and chemicals, a cost-effective proposition for both countries, was discussed in the meeting. Earlier, in his opening remarks at the meeting, Secretary Commerce Zafar Mahmood welcomed the Indian delegation and said that both sides are open for talks on issues of mutual interest. He further said that trade talks would not only help Pakistan and India but also the region. Between 2004 and 2007, four rounds of talks were held between the two countries under the composite dialogue process, but for various reasons these could not be held afterwards. The secretary expressed the hope that this 5th round of talks would help boost trade and economic relations leading to peace in the region. We are determined to making the 5th round of talks successful and fruitful, Zafar Mahmood remarked. In his remarks, the Indian Commerce Secretary thanked the Pakistan government for the hospitality extended to his delegation. We are here for talks to further boost our mutual trade and economic relations, he remarked. Pakistan and India, can resolve their issues through the process of dialogue and we are here with this spirit, he added. Khullar called for a quick turnaround of trade after four previous rounds of commerce talks ground to a halt in the wake of the Mumbai attacks. This is a process that was interrupted and that must resume and go on. It must acquire significantly fast momentum if only to catch up for the time that we have lost, Khullar said. We are ready and willing to move forward and our only perspective here is constructive engagement to move the bilateral trade agenda and commercial agenda ahead and fast. India Pakistan bilateral trade is only about $2 billion due to lack of trade ties, marred by poor relations between the two countries. The trade balance is mostly in favour of India, and Pakistan has been complaining of non-tariff barriers by New Delhi. Agencies add: Secretary Zafar Mahmood said improving trade would economically benefit both countries and the region. Pakistan understands that there is a great potential to further increase the bilateral trade, he added. He said private sectors of Pakistan and India would be facilitated for the benefit of the peoples of two countries and their economic prosperity. Private sector is an engine of economic growth and to facilitate this sector we are talking to boost trade relations through private sector and we want to provide such policy framework for trade facilitation between the two private sectors, he told journalists. He said the issue of removal of non-tariff barriers between the two countries also came under discussion.