By Salman Siddiqui
KARACHI: A major breakthrough in trade relations between Pakistan and India is strongly expected next February, while strengthening of such ties is must for projecting regional trade in Asia with an aim to save foreign exchange reserves, experts said at the Jang Forum.
“India and Pakistan are willing to normalise relationships through trade,” said Tariq Iqbal Puri, chief executive of Trade Development Authority (TDAP).
Both the countries were likely to resolve more than 90 percent of the ongoing trade issues by next February, he said.
Indian Commerce Minister, Anand Sharma was scheduled to lead a 200-member business delegation to Pakistan in February 2012. “By the time the official visit is paid, we are expecting to have sorted out almost all the problems in trade.”
The two countries were expected to sign several agreements, give resolutions and recommendations on the legal bindings during the upcoming visit, he added.
“We can export cement, mango, kinnow, wheat, rice, plastic, fan, and few textile items to India. And import edible oil, chemicals, from our neighbour,” he said.
Daud Usman Jhakoora, Vice President of the Federation of Pakistan Chambers of Commerce and Industry said the regional trade was the future of this region.
And to begin this, it was necessary to normalise trade relations between the two countries.
Mirza Ikhtiar Baig, Former Advisor Textile to Prime Minister, said the next decade was of Asia, adding that Pakistan, India, China and Turkey would dominate trade during the decade while the West was stuck up in recession.
“India needs to normalise trade with Pakistan to keep its growth rate of eight percent intact. In return, Pakistan would avail over one billion people market of India,” Baig said.
The increase in bilateral trade would pave the way for enhancing regional trade in Asia.
“There is six percent trade among seven regional counties in Asia, as compare with 26 percent among ASEAN bloc, 52.2 among European and 68 percent among NAFTA region.”
He strongly believed that the volume of trade between two counties would surge to six billion dollars in the next two year from current $2.7 billion.
He said that India has given its demand of 300,000 IT professional from Pakistan, as the country wanted to outsource its IT projects to Pakistan.
SM Muneer, President of India Pakistan Chamber of Commerce & Industry, said that Indian has agreed to issue multiple visas to bona-fide businessmen of Pakistan for the whole country. To date, it was issuing visas only for single entry and that too only for three states maximum.
“The resolution of visa issue has itself resolved 99 percent issues between the two counties,” he said, adding that other technical issues were petty and could be resolved by February.
