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India-Pakistan trade grew 100 percent
Tuesday, 10 August 2004, 19:30 IST
ISLAMABAD: Bilateral trade between India and Pakistan saw 100 percent growth in the 2003-04 financial year, say officials.
According to official data available with the commerce ministry here, Pakistan and India traded $476.04 million worth of goods in different categories in the last fiscal as against $237.16 million in 2002-03.
The data also says Pakistan suffered a $288.68-million deficit in bilateral trade with India in 2003-04.
"This is the major reason we are opposing most favoured nation (MFN) status to India," a senior official of the ministry told IANS.
Last year President Pervez Musharraf had hinted at granting MFN status to India but the decision was pout off after resistance from the commerce ministry.
"Our businessmen are still not ready to compete with the Indian market. So granting MFN status to India will destroy our market," the official said.
The quantum of trade deficit of Pakistan in the 2003-04 fiscal is higher by 201 percent when compared with a $95.84-million trade deficit in 2002-03 after the resumption of limited trade between the two countries from December 2003.
In 2003-04, Pakistan's exports to India stood at $93.68 million, showing an increase of $23.02 million, or 32.57 percent, over $70.66 million exports in the preceding fiscal.
Imports from the neighbouring country amounted to $382.36 million, depicting $215.86 million, or 129 percent, growth when compared with $166.50 million worth of imports in 2002-03.
In the last fiscal, imports of raw cotton, chemical materials, elements/compounds, tyres/tubes of rubbers, feeding stuff for animals, ores and concentrates of iron/steel, cotton yarn and tea from India recorded a sharp increase.
Pakistan and India are scheduled to hold bilateral talks this week in Islamabad to discuss various options to expand their mutual trade by rail, road and sea, the official said.
The two countries resumed mutual trade in December 2003, after a suspension of nearly two years because of an unfriendly relationship, he said.
Both the countries are carrying out limited trade through the Samjhauta Express and the Dosti Bus Service.
The official said India would be the real beneficiary of a resumption of full-fledged trade between the two countries by rail and road as imports from the neighbouring country would sharply increase, as indicated by the limited trade in 2003-04.
Source: IANS
Source: IANS