Inaugurating 'India Expo 2012' at Expo Centre, he noted that things between two countries were moving on in right direction and added that once Indo-Pak business executed in real sense, both countries would not be dependent on other countries for economic co-operation.
Teli said it was desire of both side to improve relations, relax undue condition and boosting bilateral trade, adding that "we have moved a long way in this direction. Indo-Pak trade nexus will also activate intra-Saarc trade."
He was of the view that political relations should not affect the positive business developments between business communities of two countries and businesses should not suffer in future. He appreciated Indo-Pak emerging business opportunities and recent productive developments between the two governments to fortify economic and commercial relations between the two countries.
Teli further said that during last one decade business communities of both the countries had learned a lot and tried to improve trade relations. He observed that pace of economic growth in South Asia was slow and intra-regional trade in Saarc block was very nominal as compared to Asean and EU.
President, Federation of India Export Organisation (FIEO), M Rafeeque Ahmed said the progress made in bilateral trade between the two countries in the recent past had provided a strong impetus to enhance economic engagement. He said the exchange of business delegation and holding exhibitions in each other country was of paramount importance to create a healthy and mutually beneficial trade environment.
He said that granting of MFN status and liberalisation of business visa would further provide impetus to the bilateral trade between the two countries. He said trade was around two billion dollars and with the recent high level official visits taking place, the trade was expected to touch six billion dollars by 2015.
He emphasised the need to diversify the trade from both the sides. India's exports to Pakistan comprised 8-9 major products which contribute approximately 90 percent of the total export, he added. The main products exported from India to Pakistan are polymers, industrial chemicals, machinery, polyester fabric and yarn. Capital goods are the strength of India, and Pakistan is importing it from other countries, so India should exploit this opportunity. Most of the items in India are expensive in comparison to Pakistan so cheaper items can be sourced from Pakistan to avoid expensive imports from other countries.
He highlighted that the infrastructure issues were hindering the growth of the trade between the two countries. President Karachi Chamber of Commerce and Industry (KCCI), Muhammad Haroon Agar said the business communities of India and Pakistan broke the cold ice between the two countries last year when the Indo-Pak Commerce Secretaries after their fifth round of talks urged the Indo-Pak private sectors to play their role to enhance bilateral trade.
He said that 2013 was the year of Indo-Pak trade liberalisation, as both governments had also agreed to liberalise visa regime and allowing business visas with multiple entries for different cities.
He hoped the signing of memorandum of understanding (MoU) between KCCI and FIEO would prove milestone for mutual co-operation and facilitation to business community of both countries. He said KCCI also intended to organise an exhibition of products made in Pakistan in Mumbai, India during first quarter of 2013. Director General & CEO of FIEO, Ajay Sahai suggested that India and Pakistan should give preference to companies in each other's countries for exports and imports if products could be supplied at competitive prices.