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Pak-India trade much below full potential of $37 billion: World Bank
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SME Times News Bureau | 06 Dec, 2018
The current level of trade between Pakistan and India is valued at a
little over $2 billion, but it could be as high as $37 billion if both
neighbours agree to tear down artificial barriers, the World Bank said
in a report.
The report, "Glass Half Full: Promise of Regional Trade in South Asia", was released here on Wednesday.
The
bank also estimated Pakistan's potential trade with South Asia at $39.7
billion against the actual current trade of $5.1 billion, Dawn online
reported.
In order to achieve the real potential of regional
trade, the bank suggested the removal of unnecessary non-tariff barriers
within the region, increase people to people contacts, improve road and
air connectivity and liberalize trade within South Asia.
Sanjay
Kathuria, lead economist and author of the document, talking to the
media at the World Bank office here said trust promotes trade, and trade
fosters trust, interdependency and constituencies for peace.
In
this context, he added, the opening of the Kartarpur Corridor by
governments of Pakistan and India would help minimise trust deficit, the
daily reported.
For realising the trade potential between
Pakistan and India, Kathuria said the two countries should start with
specific products facilitation in the first phase.
Calling
connectivity a key enabler for robust regional cooperation in South
Asia, Kathuria said Pakistan had least air connectivity with South Asian
countries, especially India.
Pakistan has only six weekly
flights each with India and Afghanistan, 10 each with Sri Lanka and
Bangladesh and only one with Nepal, but no flight with the Maldives and
Bhutan.
Compared to this, India has 147 weekly flights with Sri
Lanka, followed by 67 with Bangladesh, 32 with the Maldives, 71 with
Nepal, 22 with Afghanistan and 23 with Bhutan.
Kathuria said
reducing policy barriers, such as eliminating the restrictions on trade
at the Wagah-Attari border, or aiming for seamless, electronic data
interchange at border crossings, will be major steps towards reducing
the high costs of trade between Pakistan and India.
He added that the costs of trade were much higher within South Asia compared to other regions.
World
Bank Country Director for Pakistan Illango Patchamuthu said the country
was sitting on a huge trade potential that remained largely untapped.
"A favourable trading regime that reduces the high costs and removes
barriers can boost investment opportunities that are critically required
for accelerating growth in the country," he said.
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