Pak-India Trade Much Below Full Potential of $37 Billion: World Bank
Islamabad: The current level of trade between Pakistan and India is valued at a little over $2 billion, but it could be as high as $37 billion if both neighbours agree to tear down artificial barriers, the World Bank said in a report.
The report, “Glass Half Full: Promise of Regional Trade in South Asia”, was released here on Wednesday.
The bank also estimated Pakistan’s potential trade with South Asia at $39.7 billion against the actual current trade of $5.1 billion, Dawn online reported.
In order to achieve the real potential of regional trade, the bank suggested the removal of unnecessary non-tariff barriers within the region, increase people to people contacts, improve road and air connectivity and liberalize trade within South Asia.
Sanjay Kathuria, lead economist and author of the document, talking to the media at the World Bank office here said trust promotes trade, and trade fosters trust, interdependency and constituencies for peace.
In this context, he added, the opening of the Kartarpur Corridor by governments of Pakistan and India would help minimise trust deficit, the daily reported. (IANS)
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