India and Pakistan sign MoU to boost auto component trade
Auto Component Manufacturers Association, (ACMA) of India and Pakistan Association of Automotive Parts & Accessories Manufacturers (PAAPAM) of Pakistan, have entered into a joint agreement for building up of supply chains via the Wagah route. Delegation from ACMA visited their Pakistani counterparts where an MoU to this effect was signed on August 22, 2014 in Lahore.
This new venture between ACMA of India and PAAPAM of Pakistan is an Indian Council for Research on International Economic Relations initiative to bring about normal trade relations between the two countries.
The Indian delegation was headed by Harish Lakshman, who besides holding the post of President of ACMA is also Managing Director of Rane TRW Steering Systems Limited. PAAPAM was represented by Chairman, Usman Aslam Malik who is also Chairman of Kortech Auto Industries Pvt. Ltd.
Participants from both parties met to discuss ways in which there could be sharing of auto components between India and Pakistan while bringing to the fore various challenges faced by both countries where manufacture of auto components were concerned. These discussions were held to bring about greater understanding and ways in which to bring in further initiatives through joint initiatives.
Following the signing of MoU, both parties will meet twice a year to discuss various issues relating to sharing of auto components while working together in skill development in Pakistan along with building of supply chains through road route at Wagah.
ACMA and Pakistan Association of Automotive Parts & Accessories Manufacturers sign MOU to bolster trade relations
New Delhi, August27, 2014: Auto Component Manufacturers Association of India (ACMA), the apex body representing the interest of Indian Auto Component Industry, signed an MOU with Pakistan Association of Automotive Parts & Accessories Manufacturers (PAAPAM) on 22nd August in Lahore. The MOU was signed as part of ICRIERâ€™s (Indian Council for Research on International Economic Relations) initiative on India-Pakistan trade normalization.
The delegation from ACMA was led by Harish Lakshman, President ACMA & MD, Rane TRW Steering Systems Ltd, while Usman Aslam Malik, Chairman PAAPAM & Chairman Kortech Auto Industries (Pvt) Ltd led the PAAPAM side.
The meeting at Lahore brought together participants from Automotive Component Manufacturers Association of India (ACMA) and the Pakistan Association of Automotive Parts & Accessories Manufacturers (PAAPAM) with an objective to exchange views on the potential of auto component trade between India and Pakistan; understand the challenges of the automotive parts manufacturers on either sides; and develop a common understanding for the way forward, including the scope for joint initiatives.
Commenting on signing of the MoU, Harish Lakshman, President, ACMA said, â€śThis is a significant development where both ACMA and PAAPAM, the leading auto component bodies have come together for trade facilitation and growth of automotive industry in their respective countries. To build greater ties, there is an urgent need to develop medium and long-term investments plans that should be on reciprocal basis. With India having a larger reach in the world of auto market, we believe Pakistanâ€™s participation will strengthen our position in the region as also help develop Pakistanâ€™s auto component industry.â€ť
ACMA and PAAPAM aspireto meet at least twice in a year all to facilitate business dialogue and people to people contact. The two associations are also considering the viability of working together on skill development in Pakistan and building supply chains through the road route at Wagah.