KARACHI: There is a need to normalise trade relations between India and Pakistan as this will generate prosperity by reducing cost of production, ensuring easy availability of raw materials and cheap transportation which will ultimately benefit the economies and masses.

This was stated by the leaders of Indian and Pakistani apex bodies of trade and industry on Saturday at an interactive session ‘Indo-Pak Trade Relations’ held at the FPCCI head office.

Federation of Indian Chamber of Commerce and Industry (FICCI) Durgesh Buxy and Federation of Pakistan Chamber of Commerce and Industry (FPCCI) acting president Shaukat Ahmed addressed the forum which was attended by the business community.

“We have come with great hopes of exploring what Pakistan has to offer and at the same time invite you to participate in the emerging business opportunities in India,” Buxy said.

“More importantly, India and Pakistan have realised that there is a greater need to drive forward for deeper bilateral economic cooperation, for harnessing full potential of the region and providing relief to the masses,” he added.

On the occasion, the FPCCI leader highlighted that there is an urgent need to remove all Non-Tariff Barriers (NTB) and also reopening of composite dialogue between the two countries.

Business communities of the two countries should press upon their politicians to shun their past differences and move forward for liberalisation of trade, he added.

The FICCI also nurtures the vision that normalisation of trade relations between India and Pakistan will generate prosperity in both the countries, besides achieving the common goal of inclusive growth, Buxy commented.

He said that the FICCI has been in the forefront of promoting Indo-Pak economic relations bilaterally and regionally under the SAARC umbrella and working consistently with all its partners in Pakistan.

The second edition of “India Show” in Lahore being held from February 14 to 16 marks a major milestone on the road towards improving our bilateral relations and trade normalisation between the two countries, he added.

Trade has already accelerated from $250 million in 2003 to $2.6 billion in 2013, showing an annual growth rate of 25 per cent in the last 10 years.

Following the end of the interactive session, a total of 100 business-to-business meetings were held between the 30 visiting FICCI members and Pakistani businessmen and industrialists.