Jalandhar, India: Press conference on the First Indo-Pak Expo in Jalandhar (ten other Indo-Pak Expos have taken place in other Indian cities). Photo courtesy: Khalid Barlas, Chief Executive, Pakistan World Trade and Expo Centre, Islamabad
Jalandhar, India: Press conference on the First Indo-Pak Expo in Jalandhar (ten other Indo-Pak Expos have taken place in other Indian cities). Photo courtesy: Khalid Barlas, Chief Executive, Pakistan World Trade and Expo Centre, Islamabad
India’s Railway Minister Pawan Kumar Bansal has highlighted the increase in bilateral trade between India and Pakistan subsequent to the ongoing trade liberalisation measures.
According to a recent statement by the Indian High Commissioner in Pakistan, bilateral trade has grown 66% over the past year.
Delivering a key-note address at the two-day annual conference on ‘Normalising India-Pakistan trade’ organised by the Indian Council for Research on International Economic Relations (ICRIER) in New Delhi last week, Bansal said, “Bilateral trade between the two countries increased from US$ 0.6 billion in 2004-05 to US$ 1.9 billion in 2011-12.”
“Between 2010-11 and 2011-12, Pakistan’s exports to India rose by 27% from US$ 333 million to US$ 422 million. Further, Pakistan’s exports to India during April 2012 to January 2013 registered a 50% increase over the same period in the previous year – to US$ 475 million from US$ 320 million.”
The important items Pakistan exports to India include dates, cement, woven cotton fabrics, petroleum oil, organic chemicals, and plastics.
“We are very happy to note that Pakistan’s market access to India has improved considerably- indicating that there are no non-tariff barriers. India has also reduced its sensitive list by 30%,” said Bansal.
“There should not, however, be any room for complacency – we will have to continue to take trade facilitating measures that will increase imports from Pakistan to much greater heights.” “There is a large untapped trade potential between the two countries, and various estimates suggest that potential trade could vary between 0.5 to 20 times of actual trade. “The conference participants included Isher Judge Ahluwalia, Chairperson, ICRIER; Rajat Kuthuria, Director and Chief Executive, ICRIER; Salman Shah, former Finance Minister of Pakistan and Hafiz Pasha, Dean Beaconhouse National University, Lahore and former Commerce Minister, Finance Minister and Deputy Chairman, Planning Commission, Government of Pakistan.
– India Blooms News Service
