President, Southern Gujarat Chamber of Commerce and Industry (SGCCI), Surat-India, Kamlesh Yagnik has emphasise that trade bodies of India and Pakistan should approach their respective governments, asking them to carry out trade between the two countries in local currency instead of dollar. Speaking at a meeting of Karachi Chamber of Commerce and Industry (KCCI), he also underlined the need of a uniformed import duties structure.
Yagnik said that the business community in India was unaware of regulations and import export policies of Pakistan and give emphasis to frequent dissemination of trade and investment information between the two countries.
He was of the view that increased trade between the two countries will automatically improve political relations and help resolve prevailing issues.
Referring to trade between the two countries, he said that the two neighbouring countries should not mix trade with other issues between the two countries and business community should be allowed to carry on business without any hurdles.
Kamlesh Yagnik said that at present trade between the two countries was being carried out in three ways; formal way, circular trade and through smuggling.
He said that trade carried out through circular (trade through third country) and smuggling should be discouraged and only direct trade be encouraged.
He pointed out that trade between the two countries which is just around 2 billion dollars can be increase to 25 billion dollars in 10 years with little efforts.
He expressed the hope that Pakistan government would grant Most Favoured Nation (MFN) status to India soon. He said that the Non-tariff Barriers (NTBs) are one of the major hurdles impeding trade growth adversely. These impediments must be removed on priority bases, he urged.
He said that business community of both India and Pakistan wanted to normalise relations between the two countries and increase trade and investment.
He informed the participants of the meeting that his father was born in Karachi.
Leader of Businessmen Group (BMG) and former President of KCCI, Siraj Kasam Teli said people and business communities of both the countries desired that issues whatever they are should be resolved on priority basis.
They (people) want to visit each other country to see relatives and do business, he added.
He said that bureaucracy and army should pave the way for normalising the relation and politicians should sit around table to resolve issues. President KCCI Amir Abdullah Zaki emphasised the need of resolving visa issue, developing of infrastructure, establishing banking channel, frequent exchange of trade delegations and participating in each other exhibitions.
Zaki said that during last one decades business communities of both the countries have learned a lot and eager to improve trade relations.
He expressed the hope that both the counters would be able to move forward faster to improve bilateral trade.
Later, an MOU was signed between KCCI and SGCCI for bilateral co-operation. President KCCI, Amir Abdulla Zaki and President SGCCI Kamlesh Yagnik have signed the MOU on behalf of their respective chambers.