India, Pakistan trade crosses $1 billion mark
NEW DELHI: Bilateral trade between Pakistan and India almost doubled to cross the one billion dollar mark this year, an industry body said on Sunday.
The 400 million dollar increase in the year ending March 2006 was attributed to the launch of a South Asian Free Trade Area Agreement (SAFTA) and the opening of rail and road links last year, the Associated Chambers of Commerce and Industry said in a statement. ââ¬ÅThe establishment of relations along with SAFTA has brought changes in customs tariffs and reduced trade-related barriers, leading to restoration of direct trade linkages and reducing the transaction costs,ââ¬Â said the statement quoted by the Press Trust of India news agency. Following the January 2004 Indo-Pak peace talks, Pakistan scrapped import duties on 13 commodities from India, including garlic, onions, potatoes, tomatoes and livestock, that were scarce in its local markets.
India last year imported onions from Pakistan to make up for a domestic shortfall. Bilateral trade, which stood at 161 million dollars almost five years ago, has the potential to reach 10 billion dollars by 2010, the industry body added. AFP
http://www.dailytimes.com.pk/default.asp?p...0-3-2006_pg7_10
NEW DELHI: Bilateral trade between Pakistan and India almost doubled to cross the one billion dollar mark this year, an industry body said on Sunday.
The 400 million dollar increase in the year ending March 2006 was attributed to the launch of a South Asian Free Trade Area Agreement (SAFTA) and the opening of rail and road links last year, the Associated Chambers of Commerce and Industry said in a statement. ââ¬ÅThe establishment of relations along with SAFTA has brought changes in customs tariffs and reduced trade-related barriers, leading to restoration of direct trade linkages and reducing the transaction costs,ââ¬Â said the statement quoted by the Press Trust of India news agency. Following the January 2004 Indo-Pak peace talks, Pakistan scrapped import duties on 13 commodities from India, including garlic, onions, potatoes, tomatoes and livestock, that were scarce in its local markets.
India last year imported onions from Pakistan to make up for a domestic shortfall. Bilateral trade, which stood at 161 million dollars almost five years ago, has the potential to reach 10 billion dollars by 2010, the industry body added. AFP
http://www.dailytimes.com.pk/default.asp?p...0-3-2006_pg7_10