US for reviving India-Pak trade

The US has said reinvigorating trade and commerce between India and Pakistan can provide extensive benefits to both countries and their millions of farmers, businesspeople and entrepreneurs.

“In the US’ engagement with the countries of South Asia, one of our overarching objectives is to facilitate economic linkages and opportunities for all in the region,” said Principal Deputy Assistant Secretary of State for South and Central Asian Affairs Geoffrey Pyatt, in his remarks on ‘Emerging India Summit’ at the Emory University yesterday.

“Reinvigorating trade and commerce between India and Pakistan, for instance, can provide extensive benefits to both countries and their millions of farmers, businesspeople and entrepreneurs,” he said.

Freer movement of people and goods across South Asia, including between India and Pakistan, would generate new economic opportunities for one of the world’s youngest and most vibrant populations, Pyatt said.

While accounting for 23 per cent of the world’s total population, the region’s share in the total GDP is less than 3 per cent.

In terms of trade linkages, Saarc stands in sharp contrast with regional forums in East Asia.

“The pace of economic integration in the Asia-Pacific region over the last two decades was unprecedented and serves as an example for other regions. It should, and I believe it can, be replicated in South Asia,” he said.

Just as the private sector did in Asean, trade associations such as the Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce and Industry (Ficci) could play a significant role in improving trade relations between India and Pakistan, Pyatt said.

Recently, Ficci set up two well-received ‘Made in Pakistan’ business and product exhibits in India.

Ficci now planned to organise ‘Made in India’ exhibitions in Pakistan for which it was working with the Federation of Pakistan Chambers of Commerce and Industry, he said.

“Clearly, there is pent up demand for trade between India and Pakistan, as demonstrated by the volume of trade that transits third world countries to avoid restrictions or endures the cumbersome offloading and reloading that occurs at the land border,” he said.