You are here: Home » News-IANS » Business-Economy
Business Standard

Pak-India trade much below full potential of $37 billion: World Bank

IANS  |  Islamabad 

The current level of trade between and is valued at a little over $2 billion, but it could be as high as $37 billion if both neighbours agree to tear down artificial barriers, the said in a report.

The report, "Glass Half Full: Promise of Regional Trade in South Asia", was released here on Wednesday.

The also estimated Pakistan's potential trade with at $39.7 billion against the actual current trade of $5.1 billion, Dawn online reported.

In order to achieve the real potential of regional trade, the suggested the removal of unnecessary non-tariff barriers within the region, increase people to people contacts, improve road and air connectivity and liberalize trade within

Sanjay Kathuria, of the document, talking to the media at the Bank office here said trust promotes trade, and trade fosters trust, interdependency and constituencies for peace.

In this context, he added, the opening of the Kartarpur Corridor by governments of and would help minimise trust deficit, the daily reported.

For realising the trade potential between and India, Kathuria said the two countries should start with specific products facilitation in the first phase.

Calling connectivity a key enabler for robust regional cooperation in South Asia, Kathuria said Pakistan had least air connectivity with South Asian countries, especially

Pakistan has only six weekly flights each with India and Afghanistan, 10 each with and and only one with Nepal, but no flight with the and

Compared to this, India has 147 weekly flights with Sri Lanka, followed by 67 with Bangladesh, 32 with the Maldives, 71 with Nepal, 22 with and 23 with

Kathuria said reducing policy barriers, such as eliminating the restrictions on trade at the Wagah-Attari border, or aiming for seamless, electronic data interchange at border crossings, will be major steps towards reducing the high costs of trade between Pakistan and India.

He added that the costs of trade were much higher within compared to other regions.

Bank Country said the country was sitting on a huge trade potential that remained largely untapped. "A favourable trading regime that reduces the high costs and removes barriers can boost investment opportunities that are critically required for accelerating growth in the country," he said.

--IANS

soni/sed

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, December 06 2018. 16:10 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU