Islamabad, July 13, 2013 (PPI-OT): Mr. S.M. Muneer, President of the India Pakistan Chambers of Commerce and Industry has welcomed the proposal to develop a Zero Point Border Market at Wagah border, which would allow the businessmen from India and Pakistan to meet without any visa requirements.
He said that if this proposal is realized, 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, which will be equipped with all the necessary facilities and infrastructure that will be required by the business community to hold meetings, discuss business ventures and make business deals. The biggest advantage allowed by this facility would be no requirement for visa, since the market would be located in a “no man’s land.”
Mr. S.M. Muneer said that Pakistan and India have made some notable progress on moving forward on trade liberalization, but there was still a long way to go, in order to improve bilateral trade from $2.4 billion to the potential of $10 billion. The realization of this project will help accomplish this goal, and will also provide the business community of Pakistan to target the Indian market more effectively.
For more information, contact:
Syed Masood Alam Rizvi
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Tel: 0092-21-35873691, 93-94
Fax: +9221 3587 4332