Interviews
Thawed relations with India boost trade volume to $835mn
15 Jun '06
1 min read
Improving relations between the India and Pakistan are clearly visible through the trade volume statistics that grew from US $476 million in 2003-2004 to $835 million in 2004-2005 period.
However, South Asia Free Media Association (SAFMA) reported that trade through third country and illegal channels bring in over $3 billion worth goods and services that go unnoticed.
Karachi Chamber of Commerce and Industry (KCCI) explained that both the countries are the major growing economies and the potential if not completely explored, will benefit third countries.
“The recorded trade between India and Pakistan is on low side, but several tariff and non-barriers are major impediments in growth in bilateral trade,” it stated.
While major imports from India include chemicals, cotton, dyes, iron ore, tyres and tubes, steel products and spices, Pakistan supplied vegetables, crude vegetables materials, cotton yarn and fabrics as well as petroleum products, to India.
According to KCCI, both countries offered great opportunities for joint ventures and trade as long as the authorities recognise and make up for the shortfalls in regional sector.
The volume of trade between SAARC countries is just around five percent while in the case of ASEAN and EU, it stands at 25 percent and 70 percent, respectively.
However, South Asia Free Media Association (SAFMA) reported that trade through third country and illegal channels bring in over $3 billion worth goods and services that go unnoticed.
Karachi Chamber of Commerce and Industry (KCCI) explained that both the countries are the major growing economies and the potential if not completely explored, will benefit third countries.
“The recorded trade between India and Pakistan is on low side, but several tariff and non-barriers are major impediments in growth in bilateral trade,” it stated.
While major imports from India include chemicals, cotton, dyes, iron ore, tyres and tubes, steel products and spices, Pakistan supplied vegetables, crude vegetables materials, cotton yarn and fabrics as well as petroleum products, to India.
According to KCCI, both countries offered great opportunities for joint ventures and trade as long as the authorities recognise and make up for the shortfalls in regional sector.
The volume of trade between SAARC countries is just around five percent while in the case of ASEAN and EU, it stands at 25 percent and 70 percent, respectively.
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