Pakistani and Indian leaders on Thursday jointly inaugurated the first-ever exhibition 'Life Style Pakistan' at Pragati Maidan in the Indian capital.
The exhibition was jointly organised by Pakistan's Trade Development Authority of Pakistan (TDAP) and India Trade Promotion Organisation (ITPO) where over 100 top Pakistani brands and designers in various categories participated, including showcasing high-end items like fashion textiles, jewellery, designer furniture and leather goods.
Indian Commerce Minister Anad Sharma, Speaker Sindh Assembly Nisar Khoro, Secretary Commerce Zafar Mahmood, Chief Executive TDAP Tariq Iqbal Puri and Pakistan's High Commissioner to India Shahid Malik witnessed the inaugural ceremony.
Addressing the ceremony, the Indian commerce minister said that Pakistan and India had to jointly work towards integration of regional economic relations and development.
He said that it was the right time to take courageous steps to strengthen linkages. "We have to let the world know that we are going to open new avenues for trade," he said
"There is no other option for India and Pakistan but to develop economic relations aimed at bringing economic stability and prosperity," he added.
He appreciated Pakistan's response towards trade normalisation and said that it was very encouraging. He also stated that Pakistani leadership extended all co-operation during his recent visit to Pakistan, which focused on improvement in trade and investment ties.
He said that formal trade volume between the two countries stands at $3 billion per annum. However, he said, if both countries channelised trade in formal ways, it could be several times greater than the current level. He said that environment should be created to normalise trade relations between the two countries.
"Informal trade is many times more than the formal (one) between India and Pakistan. We have to ensure that the gap between formal and informal trade disappears," Sharma said.
If other countries were able to overcome differences among them even after two world wars, why not Pakistan and India, he continued.
He said that economic and trade potential should be recognised which would leave a good legacy for future generations.
In response to a question, he confirmed that India was holding discussions with Pakistan on export of petroleum products and a joint working group was working on this proposal.
The exhibition is one of the steps taken by both India and Pakistan to enhance bilateral commerce and open new channels for shipment of goods.
Bilateral trade between the two countries is $2.8 billion, although informal trade, mainly via countries like Dubai and Singapore, is estimated to be $10 billion.
Secretary Commerce, Zafar Mahmood said there had been considerable movement towards trade normalisation over the past year.
Responding to a question, he said that both countries were expected to formally announce by next month finalisation of a new visa regime to facilitate movement of businessmen between the two countries.
"In principle, the new visa regime is finalised, but it needs to be formally announced and approved. This would be done by the interior ministry of Pakistan and the home ministry of India," he continued.
Mahmood maintained that there were possibilities, under the new agreement, that a businessman from either country would get visa for more than one year and that, too, for more than a number of cities.
"We expect that the meeting (between the interior ministry of Pakistan and the home ministry of India) would take place in April or May and this would be formally announced," he added. India and Pakistan were also working towards revising the existing bilateral visa agreement that was signed in 1974 to facilitate travel by bona fide businessmen from both the countries. Mahmood said now, the movement of people was restrictive wherein "a (Pakistani) businessman coming to Delhi cannot even go to Gurgaon (in Haryana)".
He also said that there was a need to improve the infrastructure at borders to boost the movement of goods like cement.
He said that India had slapped restrictions on Pakistani investment whereas Pakistan was open for Indian investment.
Both countries were also engaged in talks to open bank branches in each other's country but progress was not satisfactory, he added.
Chief Executive TDAP Tariq Iqbal Puri also spoke on the occasion.
Businessmen and exhibitors appreciated TDAP's efforts for staging an impressive exhibition. Business leaders such as Tariq Saeed, Malik Iftikhar and Mirza Ikhtiar Baig also expressed their satisfaction over the arrangements.