Political consensus required to boost bilateral trade: IBA

Pakistan's premier management institute IBA today pitched for political consensus in India for normalisation of ties with Pakistan to propel bilateral trade which has the potential to grow by five times from the present level of USD 2 billion.
The Karachi-based Institute of Business Administration also stressed on removing non-tariff barriers, setting lower tariffs, eliminating "bureaucratic hurdles" and strengthening of banking channels to facilitate free flow of trade.
"All major political parties in Pakistan including the Pakistan People's Party, the Pakistan Muslim League, the Pakistan Tehreek-e-Insaf and the MQM are committed to normalisation of relations with India. There is a consensus in Pakistan which never existed before.

"Therefore, there is a need to have same kind of consensus after (Lok Sabha) elections in 2014 in India. If you have that kind of political consensus between India and Pakistan, I think this (trade) potential can be realised," IBA, Director, Dr Ishrat Husain, said.
He was here to participate in a seminar 'Industry Academia Connect' organised by the Indian School of Business (ISB) at Mohali campus.
According to a research carried out by IBA, there is a potential for bilateral trade between India and Pakistan to grow by 5 times from USD 2 billion at present in next couple of years, he said.

Set up in 1955, IBA, a high learning institute in management & business administration, has produced alumnus like Mamnoon Hussain, President of Pakistan, and former Pakistan Prime Minister Shaukat Aziz.