Karachi Chamber of Commerce and Industry (KCCI) President Khalid Firoz and President and leader of the delegation of Indian Merchants Chamber (IMC), Mumbai, Rajesh G Kapadia, have agreed in principle to form an "Indo-Pak Trade Committee" to enhance trade ties between the two countries.
The visiting Indian delegation floated this proposal during a meeting with representatives of the KCCI held at a local hotel soon after the KCCI best exporters' award distribution ceremony, on September 14.
Both sides were of the view that India and Pakistan must amend the 1974 protocol on shipping to allow free movement of ships, bearing India/Pakistan flags in each other country and be allowed to carry a third country's cargo.
Also, the travelling and visa facilities be further eased to promote direct trade. It was further suggested that bilateral trade could be transacted in rupee denominations instead of dollar.
Earlier, while welcoming the ICM trade delegation, Khalid Firoze said that it was indeed a matter of satisfaction that since the confidence-building measures initiated between Pakistan and India, the exchange of trade delegations and businessmen between the two countries had substantially increased, which was very effective for the promotion of two-way economic and commercial relations.
He also recalled the warmth and affection given to him and his members of the delegation that visited India in the recent past. He said, "we sincerely believe that the free trade between the two countries would eliminate the element of smuggling and would be more cost-effective by being direct and generate more revenue to the government".
The perception of the business community in Pakistan was that free trade with India would be an opportunity and not a challenge, but this could only be possible when an even-playing field was provided and invisible trade barriers imposed by Indian authorities were removed, he observed.
"However, we have already recommended to the government that the Most Favoured Nation Treatment (MFN) status be granted to India. We must compliment each other, instead of being competitors", he stressed.
Khalid Firoz also briefed the Indian delegation about the chamber, its working, membership and scope of activities. He also informed them, as a mark of interest, that the foundation stone of the chambers' building was laid by the Indian leader late Mahatma Gandhi in 1934.
Rajesh Kapadia, leader of the ICM delegation, expressed his gratitude to the President KCCI for the warm hospitality extended to him and members of the delegation, especially for providing an opportunity to attend the KCCI Karachi-based Best Exporters' Award Ceremony.
He also appreciated the role of Pakistani High Commission in India for processing their visas in a record time.
He was of the view that the business community was the main driving force behind the co-operation and improvement of relations among many countries of the world, and if EU could come together, despite their differences, why not India and Pakistan?
Siraj Kassam Teli and other leaders of the business community also spoke.
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