Textile industrialists of Pakistan and India have agreed to make joint efforts to safeguard their business interests in the international market. According to the information made available to Business Recorder here on Thursday, textile industrialists of both the countries also agreed to initiate joint efforts for monitoring prices of textile products of Pakistan and India.
They have also agreed to devise a mechanism for reducing production cost of textile products by benefiting from the domestic potential existing in both the countries.
In order to tackle WTO-related issues, they have also agreed that joint strategy will be adopted and in this regard, three core groups have been formed comprising textile industrialists of both the countries.
These decisions were taken during the four-day visit of a delegation of Northern India Textile Mills Association (NITMA), the biggest textile association of India representing more than 100 textile mills, to Pakistan from January 10 to 13.
Textile industrialists of India held extensive meetings with their counterparts in Pakistan and explore various areas for bilateral co-operation.
NITMA president Shishir Jaipuria told Business Recorder here Thursday before his departure for New Delhi that textile industrialists of both the countries have decided to establish permanent liaison with each other.
Textile industrialists of both the countries will hold meeting after every three months. The first meeting in this regard will be held in India in March 2005, he said.
He said their visit was very successful. He was of the view that main textile business of the world will be diverted to Asia and China, Pakistan and India would be the main players.
After total elimination of quota restrictions, issues like anti-dumping duties, subsidy, etc, will emerge. Therefore, all Asian countries must adopt joint strategy to face future challenges, he added.
He said increase in trade especially in textile sector between Pakistan and India will benefit both the countries.
He said India could also assist Pakistani textile sector in human resource development. In this regard, exchange of delegations of technical people be made, he said.
He further said in changing global environment, Pakistan and India have no choice but to increase bilateral trade relations, which will also be helpful in resolving political conflicts.
NITMA senior vice-president Sunil K. Jain was also present on the occasion.