Assocham for India, Pak JVs in 9 sectors

New Delhi, April 19 | Updated: Apr 20 2005, 05:30am hrs
Looking to carry forward the Indo-Pak trade initiative following President Musharrafs visit, The Associated Chambers of Commerce (Assocham) has proposed that the joint business council (JBC) explore possibilities of setting up joint ventures in nine key areas.

These are in cotton textiles, engineering products, leather, food processing, fisheries, educational institutes, services, information exchange and tourism. The preliminary work should begin in the aforesaid areas to provide the necessary legal framework for futhering closer trade ties between India and Pakistan, Assocham president Mahendra K Sanghi said.

He argued that the joint ventures in these sectors could serve the twin purpose of betterment of socio-political relationship and increased bilateral trade even as it curbs the thriving unauthorised trade estimated at $1.5 billion.

According to Assocham, India-Pakistan trade would emerge from different strengths; while Indian commodities are cheaper, those from across the border are regarded qualitatively better. If bilateral trade is increased, producers in both countries can look for price efficiencies by providing each other low cost inputs.