LAHORE - The SAARC Chamber of Commerce and Industry, an apex body of regional chambers, on Saturday called for improved relations between Pakistan and India to augment trade and economic relations between the two neighbours.
Vice President SCCI Pakistan Chapter Iftikhar Ali Malik, talking to high level visiting delegation of traders of SAARC member countries here Saturday, said that free movement of business community would not only help improve business environment but immensely benefit the entire South Asian region.
He said that Pakistan and India, with the support of their private sectors, had taken ‘historic steps’ to normalize bilateral trade relations. South Asia is the fastest growing region in the world but also one of the least integrated, he said and added the region’s trade with the rest of the world is growing rapidly, intra-regional trade is merely 5 per cent of its total trade.
Iftikhar said that despite being natural trade and investment partners, the volume of trade between Pakistan and India, the two largest economies of the region, has been extremely low.
He said that for instance, total trade between Brazil and Argentina amounted to $33 billion in 2010, almost 15 times more than the current Indo-Pak trade of little over US$2 billion.
He said that it is worth mentioning that Argentina and Brazil too have had similar turbulent past of war and fierce rivalry.
He said that bilateral trade between India and Pakistan, a couple of years ago stood at an estimated US$1.83 billion. India accounts for nearly 1.2 per cent of Pakistan’s global exports, while Pakistan accounts for less than 0.9 percent of India’s global exports. Iftikhar Ali Malik said that the private sector of either country has to play a key role in the prevailing scenario for viable and sustainable better trade relations between the two countries for welfare of the people of the region.
He said opening of proper trade within the ambit of law between the two countries would help definitely check the billions of dollar irregular and illegal trade (smuggling) through land and sea routes. He stressed the need for holding a series of dialogue between Indo-Pak private sectors to thrash out modalities prior to finalize trade promotion agreements without affecting the industry of either country.
The leader of the delegation, former SAARC CCI Chief Vikramjit Singh Sehnay said, “SAARC CCI is fully committed to strengthen the trade and economic relations besides accelerating the business activities in the region”.
He said, “What we need is sincere co-operation from the respective governments to translate the dream into reality to benefit of the oppressed people of the region”.
He said, “We are proud enough for having the dedicated services of veteran trade leader Iftikhar Ali Malik for the promotion of trade among member countries and always loved to be host for trade delegation.