Financial Daily from THE HINDU group of publications
Wednesday, Nov 24, 2004
Financial Daily from THE HINDU group of publications Wednesday, Nov 24, 2004 |
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Industry & Economy
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Foreign Trade India, Pak must focus on trade ties: Kamal Nath Our Bureau
New Delhi , Nov. 23 THE bilateral trade between India and Pakistan could be stepped up to $5 billion in two years if there was free trade and the existing trade barriers between them were removed, the Union Minister of Commerce & Industry, Mr Kamal Nath, said today. Speaking at the joint reception hosted in his honour by six Chambers of Commerce representing different regions of Pakistan in Islamabad last evening, Mr Kamal Nath urged both sides "not to carry the baggage of the past but to look forward. Both India and Pakistan are somewhat like two passengers waiting in the departure lounge with boarding cards. Now they should have the courage to board it". About 100 Pakistan businessmen attended the reception. The Minister said that India's total two-way trade with Pakistan was $175 million comprising $75 million worth of exports from India and $100 million worth of imports from Pakistan, while Pakistan's two-way trade was $25 million consisting of $12 million worth of exports to India and $13 million of imports from India. The bilateral Indo-Pak trade thus at less than $400 million was a minuscule percentage of the total global trade of the two countries.
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