New Delhi, Sept 1, IRNA -- The Indo-Iranian gas pipeline would be an extended promotion of relationship between the countries of the region, says the president of the Institute of Chartered Accountants of India on Wednesday.
Sunil Goyal, in an exclusive interview, told IRNA that after the gas pipeline project is implemented, questions will emerge on revenue sharing, payment of lenders, reciprocal arrangements, tax laws implementation, financial losses, among other things.
He said that by cultivating a good relationship with Pakistan, even the gas pipeline can pass through this neighboring territory.
"We have to come down to the point (required) for mutual economic development of all countries."
He said Iran is a close ally of India and "we contemplate the capital and financial expert-level relationship with Tehran."
The Indian expert was confident the hostility between India and Pakistan would end soon with a political solution.
The people-to-people contact program between the two countries is a real heartening experience, he said.
Regional countries would be a force to reckon with if they joined hands together, he added.
He said the recently concluded South Asian Federation of Accountants (SAFA) conference here was a major achievement as it organized for the first time a SAFA region that could pave the way for an integrated capital and financial market.
The opening up of the economy with India as a major player means "we are contemplating a scenario and a situation like the European Union (EU), he said. "SAARC will follow in the footsteps of the EU."
Pakistani banks are interested in opening branches in India, he said, adding that Indian banks have gone to Sri Lanka to cater to the Indian industries set up there. All these, he said, need a free and complete flow of finance and capital within the region.
He said the need has come to establish a proper legal framework, a proper financial framework and a proper accounting framework.
Goyal said that in the SAFA conference in New Delhi an invitation was made for all regulators of financial markets and capital markets to send in their potentials.
With present-day economic constraints, he said the time has come when even a country like India or Pakistan would forget its hostility and be responsive to the factual economic realities in which one can become a partner to the other.
That sense of economic usefulness will overcome political differences, he said, adding that it will be highly beneficial to all concerned.
He said peace, development, education and health are very important for the people to enjoy a prosperous life. In order to cater to the integrated capital market from the accounting framework, a proper standard-setting framework has to be in place.
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