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Industry bodies hope two way trade, investments between India, Pakistan will grow

Trade bodies estimate bilateral trade will climb 10-fold; India will be able to tap investment potential of over $50 billion in Pakistan

Sanjay Jog  |  Mumbai 

Foreign Trade image via Shutterstock

Industry and business chambers hope that the new government in will help further increase the two way and These bodies estimate that the bilateral trade, which was $2.34 billion in the financial year 2012-13, is expected to increase 10-fold while will be able to tap investment potential of over $50 billion in

Further, industry and business chambers believe that the Nawaz Sharif led government will also expedite process by to grant most favoured nation (MFN) status to exports mainly sugar and sugar confectionery and cotton; man-made filament yarn, organic chemicals, spices, tea, petroleum products, iron and steel while it imports fruits and vegetables, mineral fuels, organic and inorganic chemicals, woolen products from

“Return of Nawaz Sharif who wants to kick-start revival of Pakistani economy should be used as a fresh opportunity to cement the business and ties with India”, said D S Rawat, Secretary General He further noted that and must increase the official and set a target of at doubling the bilateral in the current financial year. “While we urge to grant us the MFN status, New Delhi should ensure that the balance which is largely skewed in favour of should be corrected,” he added.

Rawat said Assocham’s recent study reveals that bilateral between and might clock over $12 billion by 2015 if accords with the coveted MFN status.

Arvind Pradhan, Director General, Indian Merchants' Chamber asserted that the democratic rule in will strengthen the flows between and “There is a strong possibility of doubling the from the current level of around $ 2 billion in a short span of time. With the coming of Nawaz Sharif, we strongly feel that MFN status will be accorded to However, that is not the only goal, as non tariff barriers from both sides must be reduced to increase the flow of trade,” he said.

On the other hand, CS Deshpande, director (research), World Centre, Mumbai cautioned that no two way and investment can progress significantly unless grants the MFN status. “While we welcome the change in the government in We believe that a substantial rise and investment can boost the prosperity and peace in both countries but the onus clearly lies with in strengthening the economic dialogue with India,” he opined.

Didar Singh, Secretary General, FICCI stated that “ Our view is that the more economic stake we create in other’s country the better it is for normalising relations and bringing people together. We will continue with these efforts in right earnest and work with our government as it moves ahead to chart a new course in the relations between our two countries.”

First Published: Mon, May 13 2013. 18:12 IST