KARACHI: “After the recent measures from both governments, the bilateral trade between India and Pakistan is growing fast and is expected to grow faster in coming months,” said Indian High Commissioner Sharat Sabharwal on Tuesday.
Sabharwal was speaking to diplomats and businessmen at the Beach Luxury Hotel in Karachi.
“Growing trade between India and Pakistan will change the business and trade dynamics in South Asia because of the size of their economies,” he said, “Pakistan and India can transform regional trade by linking Central Asia and Europe to South East Asia through road and rail routes.”
The event was organised by English Speaking Union of Pakistan – a charity organisation to promote understanding and friendship through the use of English Language.
Trade and commerce was already growing rapidly fast in the South Asian regions, and Pakistan-India trade will further integrate the South Asian Association for Regional Cooperation (Saarc) region, he added.
Showing a newspaper advertisement of Sitara Chemical Industries – a chemical producer – he said that the company’s exports to India were growing every month as it was mentioned in its advertisements.
He said that he was hopeful that the two countries will achieve bilateral trade target of $12 billion in the next five years.
Replying to a question, Sabharwal said that his government had constituted a committee to seek out ways to start trade from the Khokhrapar-Monabao trade route. He also said that India wanted to soon open its consulate in Karachi –one of the regular demands of Pakistani business community and the general public.
Trading activity at the Wagah border was increasing considerably after facilities were improved at both side of the border, he said.
Published in The Express Tribune, October 17th, 2012.
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It is good to hear that India-Pakistan trade is increasing with the liberalisation of the trade regime on the both sides of the border. The potential of the bilateral trade is much greater than the actual trade between the two counteries. Few years ago, State bank of Pakistan put the trade potential between India-Pakistan to be at US $ 06 billion. With the liberalisation of the visa regime , the trade is expected to increase further.It is a undeniable fact that one of the important reason for the development of the Euorpe, North America and the ASEAN counteries is the high level of regional connectivity and trade. For Euorpe , the share of regional trade in total trade is very high and the share of regional trade in the total trade of Pakistan and India is still very low. The growth of the bilateral trade between India and Pakistan has also placed high hopes on the SAFTA .