Dr Shahid Rasheed Butt, former President of the Islamabad Chamber of Commerce and Industry (ICCI), said on Sunday that Pakistan is suffering from extremely high inflation and that opening trade with India would help ease the burden on the general public. He stated that the trade suspension had caused a great deal of suffering for the people of Pakistan, and now we should provide them with some respite by opening up trade with the neighbouring country.
In a statement that was released here today, Shahid Rasheed Butt stated that India is the best source for the most cost-effective supply of food, technology, raw materials, medications, and chemicals and that this fact should not be neglected for political objectives. He stated that it has been four and a half years since the suspension of trade with India. Still, India’s position regarding the situation has not changed.
We cannot expect India to change its stance if we halt commerce for an additional ten years; therefore, we must terminate this unjust policy to relieve the people.
India’s total export value is close to five hundred billion dollars, and a trade of a few billion dollars with Pakistan would not bother the country. However, he said it is paramount for Pakistan to obtain inexpensive food and other supplies from its neighbour.
If trade ties are restored, Pakistan may increase its imports of refined petroleum products from India, as mineral fuels, oils, and distilled products now constitute the single largest category of Indian exports.
Similarly, the number of smartphones exported from India yearly has significantly increased, which may help Pakistan. India is now the world’s largest producer of mobile phones after China, as it sold mobile phones worth $11 billion overseas last fiscal year.
According to Shahid Rashid Butt, the current method of conducting business with India involves going through Dubai and Singapore, which is a costly process. On the other hand, direct trade between the two nations will reduce business expenses, ultimately benefiting consumers.
He asserted that India should disregard past issues and eliminate the tariff and non-tariff barriers imposed on Pakistani exports. This is because the potential for bilateral trade between the two nations is greater than twenty billion dollars, which may be utilised.