Financial Daily from THE HINDU group of publications
Monday, Mar 20, 2006
Financial Daily from THE HINDU group of publications Monday, Mar 20, 2006 |
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Industry & Economy
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Economic Offences Illegal trade on the decline Our Bureau
New Delhi , March 19 The re-establishment of maritime and railway linkages between India and Pakistan, coupled with the execution of the South Asia Free Trade Agreement, has contributed to a fall in the illegal trade between the two countries by almost 50 per cent, according to a study conducted by industry chamber, Assocham. The measures have significantly reduced transaction costs between the nations, says the study. "The illegal trade which is officially estimated at $2 billion in 2004-05 has come down to $1 billion by February 2006, the reflection of which will appear in the official trade data which will be released in the times to come," noted the study. The bilateral trade between India and Pakistan in 2004-05 has been estimated at $602 million, which as per the chamber's estimates increased by $400 million towards the end of February 2006. The chamber projects that if such confidence-building measures are continually carried on in the future, illegal trade could be completely wiped out.
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