Indian trade, industry bodies look to Nawaz for India's MFN status
"Bilateral trade could increase rapidly in a short span of time."
A lion adorns a hall way of Pakistan's incoming prime minister Nawaz Sharif's farm house in Raiwind in the outskirts of Lahore on May 13, 2013. PHOTO: AFP
Trade and industry bodies in India were upbeat at the result of the Pakistan elections.
The bodies estimated that Nawaz Sharif’s return to power could see bilateral trade, which was $2.34 billion in the financial year 2012-13, increase 10-fold, while India would be able to tap investment potential of over $50 billion in Pakistan.
Arvind Pradhan, Director General, Indian Merchants' Chamber said, “There is a strong possibility of doubling the trade from the current level of around $2 billion in a short span of time. With the coming of Nawaz Sharif, we strongly feel that MFN status will be accorded to India. However, that is not the only goal, as non-tariff barriers from both sides must be reduced to increase the flow of trade,” he said.
CS Deshpande, Director (research), World Trade Centre, Mumbai warned that two way trade and investment cannot progress significantly unless Pakistan grants India MFN status.
“We welcome the change in the government in Pakistan. We believe that a substantial rise in trade and investment can boost the prosperity and peace in both countries but the onus clearly lies with Pakistan in strengthening the economic dialogue with India,” he said.
The bodies estimated that Nawaz Sharif’s return to power could see bilateral trade, which was $2.34 billion in the financial year 2012-13, increase 10-fold, while India would be able to tap investment potential of over $50 billion in Pakistan.
Arvind Pradhan, Director General, Indian Merchants' Chamber said, “There is a strong possibility of doubling the trade from the current level of around $2 billion in a short span of time. With the coming of Nawaz Sharif, we strongly feel that MFN status will be accorded to India. However, that is not the only goal, as non-tariff barriers from both sides must be reduced to increase the flow of trade,” he said.
CS Deshpande, Director (research), World Trade Centre, Mumbai warned that two way trade and investment cannot progress significantly unless Pakistan grants India MFN status.
“We welcome the change in the government in Pakistan. We believe that a substantial rise in trade and investment can boost the prosperity and peace in both countries but the onus clearly lies with Pakistan in strengthening the economic dialogue with India,” he said.