KARACHI, Sept 16: Pakistan and India should remove trade barriers and complement each other to tap bilateral trade potential of more than three billion dollars through direct trade for benefit of both the peoples.

Presently, bilateral trade between the two neighbouring countries stood at $600 million while the estimated informal trade volume in 2004-05 figured $2 billion which involved goods like chemicals, industrial machinery, cement, tyres, tea, medicine, video tapes, cosmetics and viscose fibre. These goods found their way through third markets such as Dubai and Singapore.

The trade through other countries harm interests of both the countries i.e. increasing the cost of production and slashing the revenue of exporters as well as increasing price for consumers.

This was noted in a meeting between the visiting trade delegation from Indian Merchants’ Chamber (IMC), Mumbai and members of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) here at Federation House on Friday.

Led by President IMC, Rajesh Gordhandas Kapadia, the IMC delegation included Indian women entrepreneurs.

FPCCI President, Ch Muhammad Saeed led Pakistani side.

Prominent from Pakistani business community were Vice President FPCCI, Akbar Abdullah, ex-FPCCI chief, Iftikhar Malik, Member of FPCCI Managing Committee, Dr Mushtaq Noorwala, Co-chairperson, FPCCI Women Entrepreneurs Forum, Ms Mehreen Illahi.

The meeting decided that Indian and Pakistani businessmen would have to push their governments to remove trade barriers at the earliest leading to availability of equal level-playing fields for business communities of both the countries.

They also underlined the need for immediate possible resolution of political issues between the two countries so that confidence of the businessmen from the two countries could be strengthened and sense of uncertainty removed.

Pakistan and Indian businessmen warmly welcomed the start of ferry service between Karachi, Mumbai and Dubai and noted that it would bring the people of India and Pakistan further closer besides enhancing bilateral trade due to its cost and time efficiency.

President, Federation of Pakistan Chambers of Commerce and Industry, Ch Muhammad Saeed said besides textiles, the trade between Pakistan and India could be increased in other sectors like tea, coffee, textile machinery, chemicals, sports goods, surgical equipment, leather and leather products and iron ore.—APP