India and Pakistan re-established a panel to promote economic cooperation in further step in the peace process between the two rivals, their foreign ministers said Tuesday. The announcement came a day after Indian External Affairs Minister Natwar Singh and his Pakistani counterpart, Khursheed Kasuri, signed a deal requiring each country to notify the other of plans for ballistic missile tests. The economic agreement re-establishes a panel that last met in 1989, and its members held their first meeting on Tuesday. The commission will promote coordination in a wide array of fields, including health, science and technology, agriculture, education, telecommunications, the environment and tourism. "The two ministers expressed satisfaction at the revival of the joint commission and hoped that the joint commission would contribute significantly in strengthening the mutually beneficial relations and cooperation between the two countries," the Associated Press quoted the ministers as saying in a joint statement