KARACHI, Sept 25: India-Pakistan Chamber of Commerce and Industry President Senator Ilyas Ahmed Bilour has welcomed the joint statement issued by President Pervez Musharraf and Indian Prime Minister Manmohan Singh expressing their desire to work together for peace in the region.

In a statement issued here on Saturday, Mr Bilour termed the New York meeting an historic and epoch-making event and said the business community desired peaceful settlement of all issues bedevilling relations between India and Pakistan.

He said the business community of Pakistan whole-heartedly welcomed the agreement reached between the two leaders and added that possible options for a peaceful negotiated settlement of the Jammu and Kashmir issue should be explored in a sincere spirit and purposeful manner.

Mr Bilour expressed his confidence that the two leaders would be able to bring about all round peace in this region, which was so essential for its economic development.

He supported the contention of President Musharraf that South Asia was one of the poorest regions and its economy failed to take off because of the two countries' pre-occupation with the Kashmir dispute.