India, Pakistan look to trade to reinforce peace
Page 1 of 1 • Share
India, Pakistan look to trade to reinforce peace
Updated at: 2031 PST, Thursday, September 29, 2011
NEW DELHI: Indian and Pakistani business leaders said Thursday there were big opportunities to boost direct trade between them after the rival nations agreed to work harder at opening up their markets.
While formal trade between the two most populous and largest economies in South Asia is a paltry $2.7 billion annually, unregulated trade, much of it routed through third countries, is estimated at $10 billion.
This informal commerce shows "the tremendous potential for bilateral trade," said Federation of Indian Chambers of Commerce and Industry secretary general Rajiv Kumar.
Cross-border commerce currently amounts to less than one percent of each country's global activity, but the two sides harbour hopes of increased trade in areas such as engineering and textiles.
"There is a large market to be opened up," said Rajan Bharti Mittal, managing director of India's Bharti Enterprises, parent of the country's largest mobile phone operator.
The comments came as India's commerce minister Anand Sharma announced he would lead a trade delegation to Islamabad next February at the invitation of his Pakistani counterpart, Makhdoom Amin Fahim.
The two agreed in New Delhi late Wednesday to more than double trade within three years to $6 billion, set up a second trade border check post and make it easier for Indians and Pakistanis to get business visas.
Both governments "are committed to normalisation of trade relations," said Fahim, whose five-day visit at the head of a large business delegation is the first by a commerce minister to India in 35 years.
"We're already trading with each other via third nations. This shows there is a need in both countries for each other's products," Bashir Hussain, chief executive of the Pakistan Horticulture Development and Export Company, said.
India is also eyeing improved trade ties with Pakistan as a way to gain better access to the republics of Central Asia while Pakistan is keen to tap India's vast market of 1.2 billion people. (AFP)
NEW DELHI: Indian and Pakistani business leaders said Thursday there were big opportunities to boost direct trade between them after the rival nations agreed to work harder at opening up their markets.
While formal trade between the two most populous and largest economies in South Asia is a paltry $2.7 billion annually, unregulated trade, much of it routed through third countries, is estimated at $10 billion.
This informal commerce shows "the tremendous potential for bilateral trade," said Federation of Indian Chambers of Commerce and Industry secretary general Rajiv Kumar.
Cross-border commerce currently amounts to less than one percent of each country's global activity, but the two sides harbour hopes of increased trade in areas such as engineering and textiles.
"There is a large market to be opened up," said Rajan Bharti Mittal, managing director of India's Bharti Enterprises, parent of the country's largest mobile phone operator.
The comments came as India's commerce minister Anand Sharma announced he would lead a trade delegation to Islamabad next February at the invitation of his Pakistani counterpart, Makhdoom Amin Fahim.
The two agreed in New Delhi late Wednesday to more than double trade within three years to $6 billion, set up a second trade border check post and make it easier for Indians and Pakistanis to get business visas.
Both governments "are committed to normalisation of trade relations," said Fahim, whose five-day visit at the head of a large business delegation is the first by a commerce minister to India in 35 years.
"We're already trading with each other via third nations. This shows there is a need in both countries for each other's products," Bashir Hussain, chief executive of the Pakistan Horticulture Development and Export Company, said.
India is also eyeing improved trade ties with Pakistan as a way to gain better access to the republics of Central Asia while Pakistan is keen to tap India's vast market of 1.2 billion people. (AFP)
Zeba Khan Hoti- Monstars
- Posts : 773
Join date : 2011-02-24
Re: India, Pakistan look to trade to reinforce peace
[You must be registered and logged in to see this image.]
Maryam Mirza- Monstars
-
Posts : 981
Join date : 2011-06-18
Age : 33
Character sheet
Experience:
(500/500)
Similar topics
» UK aims to up trade with Pakistan
» Pakistan-US trade talks focus BIT, ROZs
» Pakistan-India football series in England
» Misbah backs India-Pakistan revival
» Pakistan Railways to rent engines from India
» Pakistan-US trade talks focus BIT, ROZs
» Pakistan-India football series in England
» Misbah backs India-Pakistan revival
» Pakistan Railways to rent engines from India
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
Today at 2:01 pm by ali001
» Goorevi App
Thu Nov 21, 2024 6:50 pm by ali001
» AMERICA EARNS! - Gift Card App
Mon Nov 18, 2024 11:07 am by ali001
» Kanba - Manage your Tasks
Thu Nov 14, 2024 12:21 pm by ali001
» Hemangiom'App
Tue Nov 05, 2024 11:25 am by ali001
» MindfulMe - Mental Health App
Mon Nov 04, 2024 10:50 am by ali001
» Learn Candlestick Patterns
Tue Oct 15, 2024 5:51 am by ali001
» Woh Pagal Si Episode 52 to 62 - Top Pakistani Drama
Sat Sep 21, 2024 6:26 pm by Mir Emmad Ali Khan Domki
» Nearu - share your socials
Sat Sep 21, 2024 1:12 pm by ali001