The Hindu : Efforts to improve trade with Pakistan

Online edition of India's National Newspaper
Wednesday, Mar 03, 2004

Business

Business

Efforts to improve trade with Pakistan

By Our Special Correspondent

NEW DELHI, MARCH 2. The Central Government today emphasised that business-to-business interactions between India and Pakistan would create a win-win scenario for both sides paving the way for them to supplement each other in the changing global economic scenario in a mutually beneficial manner.

"The need of the hour is for businessmen to come face to face with governments acting as the facilitator...Need today is how can roadblocks to trade be eliminated while improving and enhancing these avenues. There have been delegations after delegations since improvement in relations. These initiatives will go a long way in bringing peace," the Union Minister for Law and Justice and Commerce and Industry, Arun Jaitley, said, describing economy as the biggest unifying factor.

Inaugurating a Federation of Indian Chambers of Commerce and Industry (FICCI) conference on India-Pakistan Economic Relations, Mr. Jaitley said that India and Pakistan together could change the economic history and geography of the globe given the fact that they have common geography, historic legacy, common language among others. Since invisible trade between the two countries was already on, now there was a need to legitimise it in order to achieve its full potential.

Referring to South Asian Free Trade Agreement, he said while the process of becoming a common market was on way, consumers and trading community from both countries would stand to benefit from the initiative. Mr. Jaitley said both countries were looking at the world as their own market and it was to be seen in what kind of products and services they could supplement each other.

Observing that the consumer the world over bought goods and services from where he could get the best quality and lowest price, the Minister said low cost economies like India were to benefit. He said trade between both sides was capable of bringing advantage to economy with multifarious avenues such as cultural, sports, religious tourism services among others offering tremendous opportunities apart from textiles, agri commodities, pharma and auto components. Speaking on the occasion, the Pakistan High Commissioner to India, Aziz Ahmad Khan, said confidence-building measures could play an important role in enhancing trade. Earlier, the Vice President of the Federation of Pakistan Chambers of Commerce and Industry, Sheikh Maqbool Ahmed, pressed for easing of visa restrictions for business visitors.

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