New policy to double Pakistan, India trade

New Delhi, July 24:

Volume of trade between India and Pakistan is likely to double following Pakistan’s new trade policy which increases the number of items that Pakistan can import from India, said Tariq Sayeed, president, SAARC Chambers of Commerce and Industry, today.

“I expect the trade figures to jump from $2 billion to $4 billion due to the trade policy,” Sayeed said. He is currently in India to attend a conference on south Asian economic integration.

Referring to the domestic criticism from certain quarters that the trade policy was ‘pro-India’, Sayeed said the detractors had not read the provisions properly, adding, “The policy specifically asks investors to set up manufacturing units in Pakistan”.

For the first time, Pakistan has invited direct investment from India in the manufacture of CNG buses. It also allowed test import of ten-year-old CNG buses from Indian companies that had committed to opening a manufacturing facility in Pakistan, he said.

Besides, Pakistan has also increased the number of importable items from India by 136, including machinery for mining, cement bulkers and academic and reference books, Sayeed said.