Federal Minister for Commerce Makhdoom Amin Fahim said that with the encouragement of bilateral trade Pakistan and India will have direct access to each other's trade markets and will save hefty amount of foreign exchange in this regard.
He was exchanging views with his Indian counterpart Shri Anand Sharma in a meeting organised and hosted by Rawalpindi Chamber of Commerce and Industry (RCCI) on Wednesday. "This saving can be utilised on the industrial sector of both the countries to further strengthen their economies", minister said.
Amin Fahim said that Pakistan's stance to enhance trade relations with India is a new era between the two countries. Regional trade is quite common in other countries of the world but owing to poor political relations between the said countries trade activities could not promoted in Saarc countries. Rawalpindi Chamber is playing pivotal role for the endorsement of business activities in the region, he said.
Shri Anand Sharma said that Pakistan and India are rich with natural resources and economic point of view both are rapidly growing nations, situating in each other's neighbour trade volume between the said countries is $2.7 billion, which is very low. "It is need of the hour to further enhance the bilateral trade relations between two nations", he added and said that we came here with open mind and hope that Government of Pakistan will also discuss all the issues with us with same openness. Shri Anand said that Pakistani Gems Industry is world famous and India can take advantage of it by importing gems from Pakistan. Beside gems live stock sector, electrical products such as fan and tractors for agri sector can also be imported from Pakistan, he said. He was of the view that India having population over 1 billion can become a huge trade market for Pakistani business community and today's visit is very important in this regard.
President RCCI Jawed Akhtar Bhatti said that Rawalpindi Chamber's motto is to encourage bilateral trade among the Saarc states and chamber is also organised trade exhibitions in India and Bangladesh in year 2011 and in the current year 10 Expos have been planned in 6 different countries including India and other Saarc countries.
He said that regional trade is swiftly growing in the other part of the world eg Nafta, EU Union, Asean and Central Asian States but unfortunately in Saarc region trade volume is around 5 percent among all the countries in the region. He demanded of both the governments that business activities must be evolved between India and Pakistan. Jawed Bhatti also demanded that government must ensure the protection of local industry besides, enhancing business activities among Saarc countries and facilitate the local industry to compete in the regional trade markets.
It is worth mentioning here that 100 members, high powered trade delegation including government officials, politicians and businessmen of India visited Pakistan on the invitation of RCCI. President RCCI Jawed Akhtar Bhatti, Senior Vice President Raja Amer Iqbal, Vice President Chaudhary Iqbal Ahmed, former Presidents and renowned business community of twin cities were also present on the occasion.-PR