July 26, 2003	Saturday	Jumadi-ul-Awwal 25, 1424

KARACHI, July 25: The Pakistani and Indian businessmen have signed business agreements worth $200 million during the 3rd moot of India-Pakistan Chamber of Commerce and Industry (IPCCI) earlier this month.

“Agreements were signed by the counterparts for trading in chemical, machinery, pharmaceutical, automobile sector, dry fruits and information technology, etc.,” the President of IPCCI, Senator Ilyas Bilour told a news conference here on Friday.

He said that there was greater scope to promote two-way trade once all the irritants were removed by the two countries.

“If we revive SAARC trading bloc, we could have annual trade of $6 billion among the member states,” he said.

Bilour said that even today the two countries have bilateral trade worth $2 billion through third country.

He said opening of trade with India might have negative impact on pharmaceutical and engineering sector of Pakistan, but its textile sector, which contributes over 60 per cent of exports, was not threatened.

He dispelled the impression that Indian goods could capture the Pakistani market after free trade and added that at the same time there would be an opportunity for the Pakistani industries to capture a market in the Indian population of over one billion people.

Bilour said that he informed his Indian counterpart that all the political issues between the two countries needed to be resolved and only then a fear-free trade environment could be established for the private sector.

“Our visit to India could be termed as trade diplomacy as people on both the sides don’t want war,” he said while referring to his meeting with several politicians and representatives of private sector.

It was opinion of all the concerned that all the outstanding issues between the two governments should be resolved through talks.

“We told them that we are proud to be Pakistanis.”

The Pakistani business delegation comprised of over 100 members of businessmen and their families. “We received about 350 applications for the visit,” Bilour said.

Referring to IPCCI meeting on July 7, Bilour said that a document of joint recommendations was signed by the counterparts.

The main areas of recommendations were: significant role of IPCCI for promotion of bilateral trade between India and Pakistan; regularization of bilateral trade i.e. to increase total trade, reduce transportation costs and time and increase government revenues and enhance customer welfare; enlargement of scope of goods and services traded, barring goods and services notified in the negative list, all other items should be allowed for bilateral trade; restoration of transportation and communication links; visa facility for businessmen i.e. multiple entry visa for at least one year without police reporting and same point of entry and exit condition and that SAARC be made effective.

About his meeting with Prime Minister of India, Atal Bihari Vajpayee, Bilour said that he apprised the Prime Minister about the deliberations of IPCCI and the aims and objectives of his delegation’s visit to India.

Bilour said the IPCCI had also arranged a one-to-one meetings between the two businessmen.—APP