Saturday, June 29, 2013 - Islamabad—India exported to Pakistan worth Rs 50,000 million, whereas exports from Pakistan to India stood at Rs 9000 during last five years. Vice President SAARC Chamber of Commerce and Industry (SCCI), Pakistan chapter, Iftikhar Ali Malik after reviewing the volume of Pak-Indo trade told APP on Friday that during the period 2007-2008 to 2012, India exported to Pakistan worth Rs 50,000 million newsprint, vegetables, soyabean, spcies etc while Pakistan exported dry fruit, cement, salt, rock salt, raw gypsum, soda ash etc to India only valued at rupees 9000 million.
He said that the land balance of trade was five times in favour of India during the last five year at Wagha border, Lahore. He further said in view of above facts and figures, the balance of trade is straightaway five time in favour of India. Mr.Malik said that according to agreement, both countries can export to each other 137 items at zero duty except 5 % custom duty and 16 % sale tax on the poly propylene granules.
He said that under Afghan transit trade to India, a total of 2425 trucks load of dry fruits, pulses crossed to India through Wagha border during the last nine month. Iftikhar said that Pakistan and India, with the support of their private sector, must take historic steps to normalize bilateral trade relations and fully ensure balance of trade.
He said that South Asia is the fastest growing region in the world but also one of the least integrated while the region’s trade with the rest of the world is growing rapidly, intra-regional trade is merely 5 per cent of its total trade. He said that despite being natural trade and investment partners, the volume of trade between Pakistan and India, the two largest economies of the region, has been extremely low.
He said that for instance, total trade between Brazil and Argentina amount to US$33 billion in 2010,almost 15 time more than the current Pak-Indo trade of little over US$2 billion. He said that it is worth mentioning that Argentina and Brazil too have had similar turbulent past of war and fierce rivalry.
He said that bilateral trade between Pak-Indo a couple of years ago stood at an estimated US$1.83 billion.
Source:-pakobserver.net
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