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Mizzima: India, Pakistan trade has



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India, Pakistan trade has potential to touch US $ 5 billion by 2005; CII

New Delhi, June 25, 2001
Mizzima News Group (www.mizzima.com)

            The Confederation of Indian Industries (CII) today said that
the bilateral trade between India and Pakistan has the potential to
touch US $ 5 billion by 2005 from the current US $ 800 million and
enhanced cooperation between the two countries would to a great extent
help in improving the political relations and contribute to stability in
the region.

Against the backdrop of the forthcoming historic Indo-Pakistan summit in
Agra, India on July 15, the CII has urged Pakistan to accord the Most
Favoured Nation (MFN) status to India and reciprocate India's gesture
granting MFN status to Pakistan. Gen. Pervez Musharraf, Pakistan
military ruler, is coming to India for the summit with Indian prime
minister Atal Behari Vajpayee on 14-17 July and the two leaders are
scheduled to discuss various bilateral issues including the contentious
Kashmir issue.

According to CII, Pakistan only allows imports of about 600 items from
India and out of which only a few of them are traded. It has emphasized
that both the countries should explore establishing Free Trading
Agreement in the lines of Indo-Sri Lanka FTA. "This would not only set
the stage for greater trade investment flows and strengthen economic
relationship between the two countries, but also kindle new hopes and
aspirations for the business communities across the borders."

CII has also suggested several measures towards confidence building
between the two neighbors. While emphasizing that media could play a
critical role in this effort, CII has also suggested creation of a forum
facilitating regular dialogue between the economic journalists, academia
and business personalities, setting up of well-equipped custom entry
points along the border, opening of more land routes and removing visa
hurdles to facilitate trade ties.

CII has pointed out that private sectors in India and Pakistan could
explore setting up joint ventures in the areas of agriculture,
infrastructure, pharmaceuticals, refinery, oil & gas, iron & steel among
others where immense opportunities for sharing technology and managerial
skills exist. Pakistan could explore exporting surplus power to India
while India could also consider exporting surplus high-speed diesel to
Pakistan.



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<center><b><u><font color="#3366FF"><font size=+1>India, Pakistan trade
has potential to touch US $ 5 billion by 2005; CII</font></font></u></b></center>

<p><i><font color="#FF0000"><font size=+1>New Delhi, June 25, 2001</font></font></i>
<br><i><font color="#FF0000"><font size=+1>Mizzima News Group <a href="http://www.mizzima.com";>(www.mizzima.com)</a></font></font></i>
<p><font size=+1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Confederation of Indian Industries (CII) today said that the bilateral
trade between India and Pakistan has the potential to touch US $ 5 billion
by 2005 from the current US $ 800 million and enhanced cooperation between
the two countries would to a great extent help in improving the political
relations and contribute to stability in the region.</font>
<p><font size=+1>Against the backdrop of the forthcoming historic Indo-Pakistan
summit in Agra, India on July 15, the CII has urged Pakistan to accord
the Most Favoured Nation (MFN) status to India and reciprocate India's
gesture granting MFN status to Pakistan. Gen. Pervez Musharraf, Pakistan
military ruler, is coming to India for the summit with Indian prime minister
Atal Behari Vajpayee on 14-17 July and the two leaders are scheduled to
discuss various bilateral issues including the contentious Kashmir issue.</font>
<p><font size=+1>According to CII, Pakistan only allows imports of about
600 items from India and out of which only a few of them are traded. It
has emphasized that both the countries should explore establishing Free
Trading Agreement in the lines of Indo-Sri Lanka FTA. "This would not only
set the stage for greater trade investment flows and strengthen economic
relationship between the two countries, but also kindle new hopes and aspirations
for the business communities across the borders."</font>
<p><font size=+1>CII has also suggested several measures towards confidence
building between the two neighbors. While emphasizing that media could
play a critical role in this effort, CII has also suggested creation of
a forum facilitating regular dialogue between the economic journalists,
academia and business personalities, setting up of well-equipped custom
entry points along the border, opening of more land routes and removing
visa hurdles to facilitate trade ties.</font>
<p><font size=+1>CII has pointed out that private sectors in India and
Pakistan could explore setting up joint ventures in the areas of agriculture,
infrastructure, pharmaceuticals, refinery, oil &amp; gas, iron &amp; steel
among others where immense opportunities for sharing technology and managerial
skills exist. Pakistan could explore exporting surplus power to India while
India could also consider exporting surplus high-speed diesel to Pakistan.</font>
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