LAHORE: Speakers at a seminar declared the trade as the best option to build confidence and improve relations between Pakistan and India, besides creating new opportunities for poverty alleviation from both countries.
The seminar was organized by the Centre for Peace and Democracy in collaboration with the LCCI here on Friday.
Among others, key speakers included former economic advisor Dr Salman Shah, SPD Director M Shoiab Adil, LCCI SVP Sheikh Muhmmad Arshad, Convener of LCCI Pak-India Trade Promotion Committee Aftab Vohra, noted economist Dr Qais Aslam and PIAF Chairman Sohail Lashari.
The speakers said that Pakistan having an annual import bill of around $12 billion is importing goods worth around $600 million or around 2 percent only from the Saarc member countries.
In a consensus opinion the economists as well as the business leaders said that Pakistan and India should work for ensuring uninterrupted bilateral trade which will help strengthen their economies and promote regional integration in South Asia.
Dr Salman Shah said that both countries should focus on promoting trade and economic relations to create new hopes and a better future for their people.
Presently the regional trade of south Asia is just 2 percent while Pak-India trade is not more than 0.5 percent of our GDP, which should be enhanced to a high level in the interest of the public of all the countries in the region, he said.
On the other hand EU countries and the Asian are presently trading more than 22 percent of their GDP, he added.
He said that Pak-India official trade is $ 2 billion out of which $0.6 billion is export while $1.4 billion is import.
He stressed the need for enhancing this trade balance with the neighbouring country.
He brushed aside a notion that free trade with India would eliminate our industry, saying it would rather be beneficial for both countries and their people.
He said negotiations should be preferred over confrontation to solve all problems between the two countries.
LCCI SVP Sheikh Arshad said India should fully reciprocate all efforts of Pakistan to improve relations as Pakistan could not promote trade unilaterally. He said the national interest should be kept supreme in relations with other countries.
He said that Pakistan exported goods valued $ 268.33 million and imported $ 1.03 billion in 2009-10 whereas, Pakistan suffers a trade deficit with India and trade is in Indian favour. He drew the attention of India towards delays in the issuance of business visas to members and requested to simplify visa procedures.
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