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The process of normalisation in Indo-Pak trade ties, including the eventual extension of Most Favoured Nation (MFN) status by Pakistan and the reduction of non-tariff barriers by India, would lead to expanded economic opportunity and stability for the people of both countries, a senior US diplomat said here on Tuesday.
US applauded Pakistan’s cabinet approval of the path to normalise trade relations with India as determined during the meeting of the Commerce Ministers of both countries in New Delhi in September, Principal Deputy Assistant Secretary Mr Geoffrey Pyatt said addressing the FICCI members here.
“The doubling in cross-border trade envisioned by Indian and Commerce Ministers within three years is certainly within reach — India’s current global imports are over $ 328 billion, less than one per cent of which come from Pakistan”, he said.
Citing a 2007 World Bank study which estimated that if all these barriers were removed, trade could jump to $ 5-10 billion per year, he said a step-by-step process, if fully executed would establish India-Pakistan ties as a “driver of region-wide growth“.
Referring to Indo-US ties, he said as President Mr Barrack Obama told the Indian Parliament last year, the relationship between the two nations would be one of the defining partnerships of the 21st century, rooted in common values and interests.
“There are still obstacles to overcome and questions to answer on both sides,” he said adding but the US was making “strategic bet” on India’s future.
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