The Hindu Business Line : Jaitley sees new vistas in trade with Pak

(From left) The Minister for Commerce and Industry, Mr Arun Jaitley, the Vice-President, Federation of Pakistan Chambers of Commerce and Industry, Sheikh Maqbool Ahmed, and the High Commissioner of Pakistan, Mr Aziz Ahmad Khan, at a conference on `India-Pakistan Economic Relations' in the Capital on Tuesday. — Ramesh Sharma

New Delhi , March 2

URGING the business communities of India and Pakistan to forge alliances, the Minister for Commerce & Industry, Mr Arun Jaitley, said on Tuesday that the Government would actively facilitate all endeavours in this direction.

Concurring that trade between the two countries is gradually moving ahead, he asserted that formalising the trade equation could open up new vistas.

According to him, sectors such as tourism, entertainment, tea, textiles and pharmaceuticals could be considered for building synergies between the two countries.

Mr Jaitley was addressing a conference on India-Pakistan Economic Relations organised by the Federation of Indian Chambers of Commerce and Industry (FICCI).

The Minister said, "We are in the process of becoming a common market. Entrepreneurs can take advantage of the large market that will open up, whereby the consumers and the trading community will get best quality products and services. In the global economy, it is understandable that we cannot manufacture and trade everything."

In this regard, he stressed that the changing essence of globalisation calls for production of best goods and services, which are provided at least price.

"Our countries are low-cost economies. Therefore, a large number of products can be manufactured competitively."

Citing the example of China and Hong Kong where tourism received a major boost after normalcy of relationship, the Minister asserted that similar potential lies between India and Pakistan. He added that today's visitor would become tomorrow's investor and trader.

The Minister was also of the opinion that factors such as geographical proximity, socio-cultural similarities and common economic targets could be leveraged to each other's advantage. Mr Aziz Ahmad Khan, High Commissioner of the Islamic Republic of Pakistan, called for a level playing field between the SAARC members.

"The implementation of the (gas pipeline) projects will be the best indicator of political confidence in the atmosphere of peace and confidence prevailing in the region," Mr Khan said, adding that the India-Pakistan-Iran gas pipeline project would give a boost to the respective economies.

Sharing his perspectives, Mr Macky Hashim, President, SAARC Chamber of Commerce & Industry, drew attention to the abject poverty that is evident in the countries of the region.

He said, "This is because we have not combined our efforts and resources."

Saying that the Indian and Pakistani markets were yet to become saturated, he called for concerted efforts in exploring the resources.

He also highlighted the need to identify areas of similarity and joint venture.

Sheikh Maqbool Ahmed, Vice-President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI), said that SAFTA (SAARC Free Trade Area), if effectively implemented, would bring about revolutionary changes in the economies of the member-state through generating employment, reducing poverty and bringing in peace and prosperity.

He urged for the need to resume visa-processing facilities at Karachi at the earliest possible date.