The private sectors of India and Pakistan on Thursday resolved to exploit trade potential between the two countries to boost trade and investment in the coming years. The representatives of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and Federation of Indian Chambers of Commerce and Industry (FICCI) said that India and Pakistan should accept the ground realities and facilitate trade between the two neighbouring countries. Foreign Minister Khurshid Mehmood Kasuri was the chief guest at the reception hosted by former FPCCI president Iftikhar Ali Malik in Lahore.
A 102-member Indian trade team, headed by FICCI Chief Onkar S. Kanwar, heads of traders and industrialists bodies and FPCCI office bearers attended the reception.
In his address of welcome, Iftikhar Malik said that Pakistan and India were coming out of shackle to promote bilateral trade. He said that Islamabad and New Delhi should facilitate traders and industrialists for joint ventures in different areas.
He said Pakistan and India have great potential for boosting trade in the coming years.
He termed the visit of FICCI delegation a good beginning and said it would pave the way for more exchanges of traders' delegations. He said the Indian delegation held meeting with President General Pervez Musharraf, Prime Minister Shaukat Aziz, Commerce Minister Humayun Akhtar, besides visiting various chambers during its stay where its members were given warm welcome.
Malik added that exchange of such visits was essential to bring traders and investors of the two countries closer.
He said the newly established Pak-India Chambers of Commerce and Industry was a good forum to push forward the plan to boost trade between the two neighbours.
He said that legal trade would discourage unofficial trade between the two countries and help in increasing revenue in the form of tax collection. He cited the example of duty reduction on the import of tyres from India.
Iftikhar Malik demanded reduction in duties on all those items, which were being smuggled from India into Pakistan. He said that it would promote official trade between the two countries and discourage smuggling of various items. He said India and Pakistan should take appropriate measures to discourage parallel economy in the form of two-way smuggling.
Earlier, the Indian delegation visited Lahore Chamber of Commerce and Industry (LCCI) to discuss various ways and means to enhance trade between Pakistan and India.
LCCI President Mian Misbahur Rehman and other office-bearers, including Suhail Lashari, Shaikh Arshad, briefed the visiting delegation on the Pakistan's economic policy and role of its private sector in generating more economic activities.
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