Smooth Pak-India trade to strengthen economies

Expert says removal of barriers could lower trade deficit.

LAHORE:

Pakistan and India should work for uninterrupted bilateral trade to strengthen their economies and promote regional integration in South Asia, according to officials.

At a seminar organised by the Lahore Chamber of Commerce and Industry (LCCI) and Centre for Peace and Democracy on Friday, former economic adviser Salman Shah said that regional trade in South Asia was only two per cent, while Pak-India trade was not more than 0.5 per cent of gross domestic product. He said free trade with India would be beneficial for both countries and their people.

LCCI Senior Vice President Sheikh Arshad underlined that Pakistan exported goods worth $268.33 million to India and imported goods worth $1.03 billion in 2009-10, indicating that trade was in India’s favour.

LCCI Pak-India Trade Promotion Committee Convenor Aftab Vohra said that if trade was allowed directly with India, legal costs would decrease and government revenue would rise. Removal of non-tariff barriers from India could also pave the way for Pakistan to increase trade and lower trade deficit.

Published in The Express Tribune, March 12^th, 2011.