KARACHI, Nov 8: Punjab-Haryana-Delhi (PHD) Chamber of Commerce and Industry (PCCI) and Karachi Chamber of Commerce and Industry (KCCI) on Monday underlined the need for joint ventures to promote "permanent" trade and investment between Pakistan and India.

Talking to newsmen after holding meeting with the acting president KCCI Mian Abrar Ahmed at Karachi Chamber, president PCCI Ravi Wig said that he had proposed a 12-member joint committee of the two premier chambers of Pakistan and India to identify areas for joint ventures and prepare a list for tradable items between the two countries.

He said that PHD Chamber had already proposed a similar arrangement with Lahore and Islamabad chambers.

Wig said that these committees will meet on regular basis, at least once a quarter to identify areas of cooperation and trade expansion.

He was of the view that the businessmen of both the countries were in a better positions to identify the area of cooperation, trade and investment and not the officials of the two sides.

He pointed out that pharmaceutical, machinery, IT, tourism and textile sectors were the areas for joint ventures between the two countries to start with.

Wig said Pakistan and India can also set up these joint ventures with the third country for the benefit of all.

He said that Punjab-Haryana-Delhi (PHD) Chamber produces about 50 per cent of total industrial output in India and representing 450 million of population.

He said that one sided trade cannot last for too long and two-way trade and investment was must for permanent and long lasting relations.

Mian Abrar suggested that India must participate in Iran gas pipeline in exchange of a possible diesel import from Haryana.

He said that despite India's move to accord most favoured nation (MFN) status to Pakistan, exports from Pakistan to India were not picking up.

He said that the quantum of trade through illegal channels has grown to $3bn while formal trade was estimated at $472.92 million. Of which Pakistan's imports from India stood at $ 379.24b with balance of trade persistently in favour of India.-APP