Islamabad Chamber of Commerce and Industry (ICCI) has hailed India’s decision to reduce 264 tariff lines for SAFTA sensitive list which would further improve bilateral trade relations between Pakistan and India.
Yassar Sakhi Butt, President ICCI made these remarks during a meeting at Chamber House. He said that 30 percent reduction in sensitive list from 878 to 614 tariff lines would harmonize the SAFTA framework as well as normalize the mutual trade relations with Pakistan.
He said that items of Pakistan’s exportable interest should be included in the reduced tariff lines as balance of trade between the two countries is heavily tilted in favor of India, which requires to be turned into a win-win situation for both the countries.
ICCI President was of the view that Non-Tariff Barriers are the biggest impediment in the way of bilateral trade between Pakistan and India which should be dismantled on priority basis.
He suggested that policymakers should take up the issue of non-tariff barriers with their Indian counterparts, enabling both the sides to have a level playing field.
Yassar Sakhi Butt said that ICCI is in favour of promotion of trade with regional countries, especially with next door neighbours for the sake of peace, prosperity and economic revival.
ICCI President said that it is the era of economic collaboration and competition as many regions have already made big strides to promote trade by establishing regional block. However, South Asia is still considered the least integrated region due to which it is way behind in economic progress, he opinioned.
He said that stronger economic relations between India and Pakistan would not only prove beneficial for both the countries, it would also contribute significantly in promoting regional integration and stability in South Asia.
