Country's apex trade body is offered to sign memorandum of understanding (MoU) with Indian chamber to promote economic co-operation between Pakistan and India.
A six-member delegation of Progressive, Harmony and Development Chamber of Commerce & Industry (PHDCC&I) from India offered this in a meeting with Federation of Pakistan Chambers of Commerce and Industry (FPCCI) members, here on Friday.
Sanjay Bhatia, President PHDCC&I and head of the delegation, said that MoU would enhance economic activities and create business opportunities between the two countries. He highlighted the salient features of economic reforms undertaken by Indian government since 1991 as a result of which, the economy of the country had been liberalised, showing revolutionary improvement in the economic indicators of the country.
He informed that PHDCC&I was the apex chamber of northern India, which has under its umbrella 140 associations, 1,800 direct and 45,000 indirect members, representing 11 states of India. On the occasion, President FPCCI Tanvir Ahmed Sheikh said that without removing irritants and resolving political issues on perpetual basis, the trade between India and Pakistan could not grow to desired level.
Both the nations should bury their differences and move to face the challenges of globalisation through co-ordinated efforts in the areas of trade, industry and services.
Zubair F Tufail, Vice President FPCCI said that the political issues and the non-operation of land routes for trade were the major hurdles, impeding growth of bilateral trade. Removal of these hurdles among Saarc nations can be developed on the pattern of EU.
He said that Pakistan business community urged the government to revive Lahore-Wagha border and Khokhrapar-Monabao land routes for trade. He urged the delegation of PHDCC&I to exert their influence on Indian government to resolve this issue.
He said that textile, Information Technology, leather, automobiles, electrical appliances, SMEs based engineering products are potential areas for joint ventures. He also suggested the setting up of warehouses at border areas.
The private sector of both the countries should convince their governments to establish custom zones for trade facilitation, he added.