India Inc, while pushing for minimal trade restrictions between India and Pakistan, has set a bilateral trade target of $10 billion by 2015.
Ahead of the Commerce Minister, Anand Sharma's visit to Pakistan from February 13-15, industry says this would be substantially higher than the $2.7 billion realised in 2010-11. Chamber delegations are accompanying Sharma to Pakistan.
Ficci president, R V Kanoria, said, “I have no doubt in my mind that bilateral trade can be raised to $10 billion if trade through third countries (Dubai, Singapore and Central Asian countries) is channelised into direct exchanges between the two countries.”
Third country trade or circular trade between India and Pakistan is currently estimated at $10 billion.
CII has suggested full liberalisation of trade by placing items on a ‘negative' list rather than having only a ‘positive' list. At present only 1,946 items are in Pakistan's positive list. Also, there are no joint ventures between the two countries. Barriers to investment are particularly high due to restrictive visa regimes. “It is necessary for both Governments to work on easing visa regulations for businessmen. This means multiple entry long-term visas with no city specific visa, no police reporting which causes harassment for businessmen and discourages them,” CII said in a statement.
