Liberalised trade regime with India will help to boost the economy but the concessions offered should be on reciprocal basis with meaningful market access and level playing field for Pakistani's exports to India, said Sheikh Ilyas Mahmood, Chairman Pakistan Textile Exporters Association (PTEA).
Talking to news persons after a meeting with Minister of Commerce Engr Khurram Dastgir Khan, he said improved trade relations between India and Pakistan will trigger pace of development and will affect positively on the whole SAARC region. "Pakistan and India have tremendous potential of trade but no serious attempt has ever been made to develop and strengthen a framework of terms and conditions of formal bilateral trade between both the countries," he said.
Bilateral formal trade valued at USD 1,705.7 million during 2008. This level proved to be a peak level in last five years as trade between both the countries kept on decreasing and reached USD 1,586 million in 2012. Pakistan's exports to India have remained much lower than its imports from India. Pakistan's exports have been increased from US $263 million in 2008 to US $333 million. On the other hand, Pakistan's imports from India were worth of US $1,443 million in 2008 that have been declined to US $1,253 million in 2012.
In case of textiles, which are our main exporting sector, Pakistan exported only US $45 million worth of textiles products to India whereas India exported US $566 million worth of textiles product in the calendar year 2010. India has kept high duties on most textile products which are barrier to Pakistan's exports as there is multilayered tariff system in India, he said. Indian customs authorities have also levied other special duties on imports in the presence of which there is very less export potential to tap Indian domestic market.
Source:- brecorder.com
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