MoU signed to boost trade: Pakistani team in India
NEW DELHI, Feb 26: Pakistan and India's chambers of commerce and industry signed a memorandum of understanding (MoU) here on Thursday to strengthen trade, technological and industrial cooperation between the two countries.
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) said in a press release that the MoU was signed by the leader of a visiting 40-member business delegation from Pakistan, Mr Siraj Kassam Teli, who is also President of the Karachi Chamber of Commerce and Industry (KCCI), and his Indian counterpart Mahendra K. Sanghi.
The MoU stipulates that the ASSOCHAM and the KCCI would assist each other in organizing business delegations, exhibitions and trade promotion events. The two chambers will also encourage and develop joint ventures and investment of mutual interests.
TRADE LIST: Meanwhile, Indian and Pakistani business leaders on Thursday identified textiles, information technology, entertainment, auto parts and pharmaceuticals as areas for potential bilateral trade, a report said.
The issue was discussed at a meeting between a visiting delegation from the Karachi Chamber of Commerce and Industry and India's Commerce and Industry Minister Arun Jaitley, the Press Trust of India news agency reported.
"There has been a spurt of delegations from Pakistan. These are positive steps, directional, and would promote bilateral trade and joint ventures in the long run," Mr Jaitley later told reporters.
"India-Pakistan trade figures presently are not reflective of their potential. I feel it should also grow with the easing of tensions," the minister said.
Mr Jaitley said an agreement among South Asian countries to create a free-trade area in the region augured well for an increase in India-Pakistan trade. India could become a hub for small car exports and Pakistan offered a huge market, he said.
The commerce minister said there was an immense scope for cooperation in sectors like tea, entertainment, healthcare, IT and pharmaceuticals from India and cotton, power and textiles from Pakistan.
The visiting Pakistani delegation sought relaxation in visa rules for business visitors from Pakistan and expressed interest in setting up joint ventures.
Annual trade between India and Pakistan is currently valued at $206 million, but could easily jump to three to four billion dollars, if they open up their markets to each other, economists say.
Pakistan's imports from India in the financial year ended March 2001 were $186 million, while India's imports from Pakistan stood at $60 million. Meanwhile, a 72-member Lahore Chamber of Commerce and Industry delegation arrived here on Wednesday night and will hold talks with their Indian counterpart on Friday. -PPI/AFP