India-Pakistan Chambers of Commerce and Industry President SM Muneer has welcomed the proposal to develop a Zero Point Border Market at Wagah border, which would allow businessmen from both countries to meet without any visa requirements. In a statement issued on Saturday, he said that if this proposal is realised, then it will go a long way in developing the interaction between the business community of both the countries, resulting in higher bilateral trade and closer economic relations. It would also help in overcoming the visa issue, which is one of the biggest non-tariff barriers to Indo-Pak trade. The World Bank has offered to develop a Zero Point Border Market at Wagah at cost of $500 million. This market will be equipped with all the necessary facilities and infrastructure required by the business community to hold meetings, discuss business ventures and make business deals. The biggest advantage of this facility would be that it has no requirement for visa, since the market would be located in a “no-man’s land.” Muneer said that Pakistan and India have made some notable progress in moving forward on trade liberalisation, but there was still a long way to go, in order to improve bilateral trade from $2.4b to the potential of $10b.
