LAHORE: Cordial ties between India and Pakistan are integral to the strength of South Asia as a whole and the promotion of economic development and trade. However, greater effort must be placed upon tackling disputes which have been at the root of the region’s poor economic performance for decades.
This was stated by SAARC Chamber of Commerce and Industry (CCI) former President Tariq Sayeed at the “Conference on Indo-Pakistan Economic Cooperation: Challenges and Prospects” held at New Delhi
According to a press statement issued on Thursday, Tariq Sayeed said both India and Pakistan determine both the political and economic scenario of the region and relations between them determine the fate of South Asia.
Therefore, responsibility is placed upon the shoulders of respective governments to play a constructive role and allow the region to eventually blossom into a major hub of the global economy.
He placed a premium on the use of economic diplomacy as a powerful tool which had transformed rivals such as China and Taiwan, the US and Vietnam, as well as Germany and France into partners for growth and forged them into a combined force against the menace of unemployment, poverty and hunger.
“The volume of trade between India and China estimated at $ 1.0 billion in the 1990s increased to tune of $60 billion after the inking of the Sino-Indian Bilateral Peace and Tranquility Accords,” he said.
The 60 year dispute between China and Taiwan also cooled after an agreement on direct links; bilateral trade rose from $8.1 billion in 1991 to more than $150 billion in 2009.
He was confident that bilateral trade between India and Pakistan can be ramped up to the level of $15 billion within a couple of years, provided the governments review their policies and sign a bilateral investment treaty to unleash the true potential of economic cooperation between the two countries.
