Both sides are going to be the engine of growth in creating greater economic activities and translate the potential into reality to achieve sustainable development and poverty alleviation, he added.
Pakistan's side at the JSG meeting is led by Commerce Secretary Tasneem Noorani, while Indian delegation is headed by Commerce Secretary S N Menon. Pakistan's High Commissioner to India Aziz Ahmad Khan was also present on the occasion.
Pakistan Secretary Commerce Tasneem Noorani said, "We have come to India to take up important issue of trade with great expectations and with an open mind."
The two countries, as pointed out by the Minister, have not achieved its potential, Noorani said, adding, "we need to do whatever we can to push this further under the process".
He said: "It is necessary to discuss details and one of reasons to set up JSG was the fact that because of long disconnect, our businessmen and government machinery are not aware of trade regime in India and I assume that same is true with Indian businessmen and government.
"We think we will have to be working hard on sorting out certain details and we will have to be patient."
He expressed the hope that as a result of JSG meeting "we will go back wiser, and both of us will be able to take informed and educated decisions."
Kamal Nath underscored the need to strengthen the economic and trade relations between the two sides, and added that "progress is desired to be moving at fast pace".
He said that Secretary-level initiative would further strengthen "resolve towards peace, prosperity and commitment for a better tomorrow in the subcontinent."
The Minister said that the two sides must identify those goods which had been sourced from third countries but could be sourced from each other. "It is our misfortune that political circumstances resulted in us having to limit and constrain this spirit. Fortunately, things are changing and trade is bound to unleash the latent entrepreneurial spirit and capacity," he observed.
One of the major constraints to rapid growth of trade between the two countries was limited facility of transporting cargo through land routes, the Minister said, adding that "the simple logic of geography is compelling".
"Better land route access will make direct trade most economic, cost-effective and viable. We have land and rail linkages, which are unusable round the year," he noted.
Underlining the need of properly utilising the existing infrastructure to promote bilateral trade, Kamal said enhanced economic co-operation would help bring prosperity to the villages and new life into the rural economy of the two countries.