Pakistan and India could enhance the existing 2 billion dollars trade volume to 25 billion dollars in the next 10 years through collective efforts of business communities and both governments, an Indian official said.
President of the Southern Gujarat Chamber of Commerce and Industry (SGCCI) India, Kamlesh Yagnik, said that informal trade between Pakistan and India was affecting the direct and legal trade, which involved paying taxes, the Express Tribune reports.
President of the Karachi Chamber Of Commerce and Industry (KCCI) Abdullah Zaki and Yagnik signed a memorandum of understanding (MoU) for strengthening cooperation between the two chambers.
Yagnik described that the two countries were doing trade through three channels, which included direct trade, circular trade and informal trade.
The direct trade includes legal channels and other formal ways, while circular trade involves Indian export products available in other countries, which are imported by Pakistan, the report added.
He further added that if the governments paid serious attention on the sizeable informal trade, it will certainly pave the way for improved trade relations and ensure substantial economic growth for both the nations.
He also suggested that a currency swap agreement should be signed by both governments.