'Indo-Pak trade should be in rupees instead of dollars'

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SME Times News Bureau | 04 Jul, 2013
To enhance the bilateral trade and economic cooperation between the two countries, Indo-Pak trade should be done in rupees and not in dollars said Imran Sohail, leading a 9 member delegation of Jhang Chamber of Commerce and Industry, Pakistan.

He was speaking at an interactive session organized by PHD Chamber of Commerce and Industry in the capital on Wednesday.

Sohail said that improving economic ties will help in resolving larger issues and political relations should not affect the prospective business ties between the two countries.

He also expressed the hope that India will be granted MFN status soon and proposed that traveling between India and Pakistan to be made easy with the grant of multiple entry visa to multiple cities. Since Pakistan was facing energy crisis, he said that India could help Pakistan to meet its power needs.

Zirgham Raza, First Secretary (Trade), High Commission of Pakistan mentioned that both the governments are working on technical aspects to facilitate bilateral trade between the two countries including issues related to visas, opening of bank branches and standardization of products.

While welcoming the Pakistani delegation, Alok B Shriram, Vice President, PHD Chamber said, "although the governments of both India and Pakistan are taking concrete steps to enhance bilateral trade, the business communities of both sides still face the problems of uncertainty of payments, ambiguity over the continuity of trade relations."

"There is a need to address these gaps and create a more conducive environment for bilateral cooperation," he said.

He further added that the recent move by Pakistan to move to a negative list regime will present enhanced bilateral trade opportunities in many sectors.