New Delhi: India today agreed to put cement import from Pakistan on fast track, as the neighbours look at a host of steps to multiply bilateral trade over five times to $10 billion by 2010.

Marking an important milestone in economic relations, New Delhi and Islamabad also agreed to allowing two of their banks to open branches across the border by December 31, 2007, as they concluded the two-day trade talks within the framework of Composite Dialogue launched in February 2004.

State Bank of India and Bank of India have applied for opening branches in Pakistan, whose United Bank and National Bank want to start operations in India.

India has promised to "fast track" completion of certification formalities for allowing import of Pakistani cement and to make policy changes for allowing third party certification, said a joint statement issued after the 'Fourth Round of India-Pakistan Talks on Economic and Commercial Cooperation.' "In Pakistan, up to 15 million tonnes of cement is available for export. The first shipment should be ready by next month... The $10 billion trade target is achieveable," Pakistan Commerce Secretary Syed Asif Shah said at a joint press conference.

Indian Commerce Secretary G K Pillai said BIS inspectors have already inspected four Pakistani facilities and their report would be ready by end of this month.

India has a cement capacity of 170 million tonnes and faces a shortfall of 10 MT and Pakistan can bridge this gap.

It was also agreed to encourage export of Indian tea - which takes places through unofficial channels of Singapore and Dubai - through rail route. "Pakistan side also noted the request for providing duty concessions on import of Indian tea," the joint statement said.