Khar made the remarks while speaking during question hour in the National Assembly or lower house of parliament.
India and Pakistan agreed last year on a number of steps aimed at increasing bilateral trade.
India is unlikely to be granted the Most Favoured Nation status before 2014 Lok Sabha elections and resumption of composite dialogue between the two nations, Pakistan finance minister has said.
Pakistan on Thursday said Most Favoured Nation status cannot be granted to India at a time when there is tension on the borders.
India on Wednesday ruled out withdrawing the Most Favoured Nation status given to Pakistan despite Islamabad's refusal to grant the same to New Delhi.
Pakistan has delayed the grant of Most Favoured Nation-status to India along with abolition of a negative trade list regime "for a short time" because of reservations expressed by several industries, Commerce Minister Makhdoom Amin Fahim has said.
After announcing on November 2 that its Cabinet has decided to grant the MFN status to India, Pakistan issued several confusing statements on Thursday.
There is no proposal under consideration to give India the Most Favoured Nation status, Pakistan Commerce Minister Khurram Dastgir Khan has said.
India granted the MFN status to Pakistan in 1996
While admitting that there is still a long way to go before India-Pakistan relationship can be termed excellent, government sources on Wednesday expressed happiness over the progress made in the ties between the two Asian neighbours.
Gilani said the people and Parliament would be taken into confidence on the issue of giving MFN status to India.
Over a year after the deadline to grant Most Favoured Nation (MFN) trading status to India, the Pakistani government on Thursday declined to specify any time limit to meet the long-pending demand from here.
Efforts to normalise trading relations expected during the first such meet on Saturday
Pakistan Foreign Minister Hina Rabbani Khar on Wednesday said Islamabad is not backtracking on its decision to normalise bilateral trade with New Delhi.
Certain stakeholders in Pakistan have 'some reservations' about giving Most Favoured Nation-status to India and the issue will be discussed at an upcoming meeting between the two sides, Foreign Secretary Jalil Abbas Jilani said on Thursday.
As uncertainty over the timeframe in granting of Most Favoured Nation to it by Pakistan continues, India on Wednesday said it has to wait for the May 11 general elections' outcome there even as the Pakistani government had assured it that the process was "on track".
It would be quite a strenuous journey for India before it obtains the much-awaited most favoured nation (MFN) trade status from Pakistan next year. India would not be allowed to immediately start exporting the remaining tariff lines yet, even as Pakistan's Cabinet has given its approval to shift towards a negative list containing 1,209 items.
Hours after announcing that it would grant the much-delayed MFN status to India, Pakistan government issued several confusing statements which made no direct mention of the significant step aimed at boosting bilateral trade.
Pakistan has not yet taken any decision about granting the Most Favoured Nation status to India, Prime Minister Zafarullah Khan Jamali said.
Pakistan minister says move part of confidence building measures.
Federation of Pakistan Chambers of Commerce and Industry President Zubair Ahmed Malik also said that the negative list should also be pruned to boost bilateral trade with India.
Rao added that the agreement on relaxing the visa regime for Pakistan businessmen would be notified soon.
Prime Minister Yousuf Raza Gilani has made it clear that Pakistan has not granted the Most Favoured Nation status to India, saying the commerce ministry has only been tasked to move forward on the issue in bilateral negotiations.
Domestic customers will get access to high-quality Swiss products such as watches, chocolates, biscuits, and clocks at lower prices as India will phase out customs duties under its trade pact with the EFTA bloc on these goods over a period of time. India and the four-European nation bloc EFTA signed a trade and economic partnership agreement (TEPA) on Sunday to boost trade and investments between the two regions. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.
India's recent move to remove additional 'retaliatory' duty on eight products from the United States (US), including apples and walnuts, would not have any negative impact on the domestic producers, the government clarified, even as the issue threatened to snowball into a political slugfest between the ruling and Opposition parties. The move would, in fact, result in competition in the premium market segment, ensuring better quality at better prices for consumers, especially for apples, a senior government official said. "There were certain concerns that were being raised on the mutually agreed solution that has come in, more specific to seven-eight agriculture products where we had levied additional import duties in retaliation to the steel and aluminum measures (imposed by the US)," Peeyush Kumar, additional secretary in the commerce department, told reporters in a briefing.
Goyal said, there is no proposal under consideration on withdrawal of MFN status to China.
Their favourite alternatives: Malaysia, Vietnam and the Philippines. Note, India is missing from that list. And this is despite an attractive financial incentive scheme for OSAT players. The reason, said a senior executive of a US chip company who had a meeting in Taiwan just a few weeks ago, is that "they want more predictability in government policy because they plan to put in big money."
India will launch an all out effort to isolate Pakistan and all diplomatic efforts will be launched in this regard
Islamabad approves phasing out negative list for trade with eastern neighbour
The US has welcomed Pakistani cabinet's move to grant the much-delayed Most Favoured Nation trade status to India, terming it a positive development towards the economic integration of the region.
India's export basket for Pakistan has a limited portfolio as Pakistan has not given 'most favoured nation' status to New Delhi and such goods have ready market in South Asia and the Middle East.
Pakistan has already missed a December 31, 2012 deadline to end a negative list regime for trade and give MFN-status to India.
While Pakistan has been showing considerable interest in having a bilateral trade deal with India that would help them access the country's booming markets, India has stated this can only become a possibility only when it recognises India as their non-discriminatory trading partner, commerce secretary Rahul Khullar told in an interview.
Amid a spike in tensions over clashes along the Line of Control, Pakistan said it has no immediate plans to give Most Favoured Nation-status to India as there is a need to normalise bilateral relations.
The meeting is also understood to have taken stock of ceasefire violations and infiltration attempts.
A senior government official said the issue had come up during the foreign secretary-level talks earlier this week and Pakistan expressed its willingness to re-engage in the discussion.
Dampening hopes of economic ties receiving a boost during President Pervez Musharraf's visit, Pakistan has ruled out granting the Most Favoured Nation status to India and said that bilateral trade was linked to 'substantial political dialogue.'
President Asif Ali Zardari said that granting Most Favoured Nation-status to India was a "paradigmatic shift in policy driven by the business sectors on both sides of the border".
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