Preferential trade with India urged

ISLAMABAD, April 30: Pakistan should accord the most favoured nation`s (MFN) status to India and the latter should remove barriers to create an enabling environment for trade. This was stated by the Vice President of Saarc Chamber of Commerce and Industry, Iftikhar Ali Malik, while speaking at a meeting at Saarc Secretariat here on Saturday. Iftikhar Malik further said that the two countries also need to discuss a bilateral preferential treaty during the fifth round of secretary-level talks to boost economic growth and reduce poverty. Only economic engagement, he said, can bar undesirable conflicts. In a statement he said that the move to encourage business to business relations between local business community of India and Pakistan would eventually be beneficial for the whole region. "This bold initiative after successful cricket diplomacy was needed because the other countries of the grouping cannot grow unless relations are normalised between the two most important nations," said Iftikhar Malik. The members of the business community noted that Pakistan and India should develop more routes for passengers and freight traffic to build trust, which would also boost Pakistan`s economy as textile and cement sector would be the major beneficiary.The understanding reached during the recent Islamabad talks have been welcomed by traders who lauded the decision of negotiators to boost engagement between the private sectors of the two countries which will go a long way to improve confidence level, dispel misunderstandings and allay misapprehensions. However, traders and members of the business community demanded of the government to include private sector representatives in the joint working group of experts related to trade electricity, petroleum products, Bt cotton seeds, adding that we should share energy, water, research and commodities. The business community of the federal capital was informed that a 40-member delegation is proceeding to Dhaka to participate in the Saarc CCI meeting scheduled on May 16.