Financial Daily from THE HINDU group of publications
Monday, Jan 16, 2006
Financial Daily from THE HINDU group of publications Monday, Jan 16, 2006 |
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Industry & Economy
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Foreign Trade `India-Pak trade could cross $1 b' Our Bureau
New Delhi , Jan. 15 BILATERAL trade between India and Pakistan has the potential to cross the $1-billion mark by the end of the fiscal year 2005-06, according to a study. Titled `India-Pakistan: Partnering for a Prosperous South Asia', the study has been prepared by the Confederation of Indian Industry (CII) and India Development Foundation, in collaboration with the Pakistan-India CEOs Business Forum (Pakistan). It highlights key areas where bilateral trade between the two countries can be developed and trade links be established. The study lists complementarities in trade between India and Pakistan in sectors such as textiles, engineering, sugar, pharmaceuticals, information technology and tourism, and concludes that economic benefits of liberalising trade clearly outweigh the costs. It also points out that transaction costs are lower and bilateral trade between India and Pakistan facilitates the flow of ideas and knowledge that strengthen international competitiveness. The two countries can together develop strong manufacturing bases, as both have large pools of well-trained engineers and managerial workforce. The study also points out that one of the major impediments to enhanced bilateral trade between the two countries is the lack of research about the trade and economic policies in the respective countries. The President, Mr A.P.J. Abdul Kalam, would inaugurate the 12th Annual Partnership Summit on Tuesday at Kolkata.
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