ISLAMABAD, May 25: The newly-established India Pakistan Chamber of Commerce (IPCC) on Wednesday announced constitution of a study group to work out measures for increasing bilateral trade to $6 billion from existing $500 million.

Addressing a press conference at a local hotel, IPCC President Onkar S. Kanwar said that the study group comprising three businessmen each from India and Pakistan would suppose to finalize its recommendations latest by August this year.

Mr Onkar, who is also the president of Federation of Indian Chambers of Commerce and Industry (FICCI), said that the study group would hold its first meeting in Lahore on Thursday. The recommendations of the group would be submitted to respective governments for discussion in the forthcoming composite dialogue to be started from August.

Talking to media persons after having extensive meetings with President Pervez Musharraf, Prime Minister Shaukat Aziz and Commerce Minister Humayun Akhtar Khan, the FICCI president at Islamabad Chambers of Commerce and Industry (ICCI) said that the 102-member delegation was ever-largest delegation of FICCI visiting any country which represented 18 different sectors of Indian economy including steel, pharmaceuticals, engineering and chemicals.

Mr Kanwar said that the study group would identify the hidden irritants, which restrict entry of Pakistani goods into Indian market, trade items which might harm local industries in both countries and work out measures for facilitating trade between the two countries. “There are 300 million people market for Pakistani goods,” he added.

He said that the trade negotiations would be part of the composite dialogue between the two countries. When asked that in case of failure in other areas of composite dialogue, he said that one should be positive as things had changed a lot now.

The FICCI president said that the trade through road should be promoted and customs procedures should be harmonized to facilitate businessmen of the two countries.

He said that India would export services to Pakistan in the field of Information Technology, research and development, tourism etc.

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Ch Muhammad Saeed said that the IPCC would work for promoting bilateral trade and the study group would work out measures to make it a win-win situation.

Meanwhile, Commerce Minister Humayun Akhtar Khan in a meeting with the Indian delegation stressed the need for expansion of regional trade, which at present was much less compared with the Association of Southeast Asian Nations (Asean), NAFTA and the EU.