Karachi: India has declared to support Pakistan for the European Union (EU) duty waiver package bid in World Trade Organization (WTO) in a mutual desire to promote bilateral trade between the two countries.
According to Alfalah Securities Limited, the Commerce Ministers of India and Pakistan have agreed to double the bilateral trade within three years from the current levels of USD 2.7 billion to USD 6 billion for which a Memorandum of Understanding (MoU) would be signed today. The MoU signed would foster healthy trade relations between the two countries under the framework of the South Asia Free Trade Agreement (SAFTA). The Commerce Ministers also stated that timelines would be prepared in order to normalize trade relationships and dismantling of all non-tariff barriers along with the promotion of intra regional connectivity through roads, rail, shipping and air would be done.
The enhancement of bilateral trade between Pakistan and India would be a healthy step for the economic prosperity of Pakistan as it would benefit all business sectors specially cement and textile to increase their exports to India.