Pakistan and India: over $5 billion trade being done through third country: Indian HC

Indian High Commissioner Ajay Bisaria has said that at present over $ 5 billion dollars trade between Pakistan and India is being done through third country; therefore non-tariff barriers should be removed besides liberalization of visa and normalization of mutual relation that could bring the two-way trade to the height of $30 billion.
The HC was speaking at the Lahore Chamber of Commerce and Industry here on Friday. He said that mutual relations should be built on the basis of trade and economy and must be away from violence and war. We should not talk about negative and positive lists rather we should work on the windows of opportunities, he added.
Indian High Commissioner said that India and Pakistan should have future different from the past and must not carry the burden of history.
He said there is no better way of improving bilateral relations than mutually beneficial economic ties. He said that both Pakistan and India needed to take more steps to remove non-tariff barriers that were a major impediment to bilateral trade relations.
Ajay Bisaria said that two-third population of India is below the age of 35 and same is in Pakistan as 65 percent people of Pakistan are under the age of 35. Both countries have a lot of potential to cater to each other, he added.
"Chambers of commerce and industry of both countries are the most important lobby as not only they can play an instrumental role in strengthening mutual trade and economic ties but they can also influence the policy makers", Indian HC added.
LCCI president Malik Tahir Javaid said that at present, an unfavourable scenario has developed both at political and diplomatic fronts. Both the countries should give the peace another chance to prevail in the region for our youth and coming generations, he added.
Malik Tahir Javaid said that there are a number of issues prevailing at both the sides in the way of normalization of trade links between two key members of SAARC region. He said that regional trade is significant which cannot promise any good results until Pakistan and India join hands with futuristic approach. It is high time that greater trade between two countries should be given a fair chance to contribute in the prospects of region for peace and prosperity, he added.
He said that trade in the region constitutes only 1.4 percent of the total world imports and 1.2 percent of exports, whereas merchandise trade is only 27.9 percent of GDP, the lowest in the world. South Asia is the least integrated region in the world. One reason is trust deficit amongst the neighbouring countries but the other important factor is poor connectivity.
He said that for India it would be 20 percent cheaper to trade with Brazil than with Pakistan. For better trade relations countries have to invest in confidence building measures as well as on connectivity.
He said that from the last couple of years, the bilateral trade is averaging around $2 billion whereas it is estimated that India and Pakistan have a potential for trade of something between $10-20 billion. Unless we pave the way for commercial importers and exporters, the businessmen from both sides with continue to opt trading via Dubai & Singapore etc. This only adds to cost and time factor, he added.
Malik Tahir Javaid said that chambers of commerce from Pakistani and Indian sides have to play a sensible role to facilitate their members with regard to developing networking amongst each other. India is an established brand for offering world class healthcare facility. These facilities are using the same technology delivered by competent specialists attaining similar success rates as in developed world at much lower costs, he maintained.