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| Setback to Indo-Pak business ties due to emergency | | | New Delhi | 6
Imposition of emergency in Pakistan has dealt a severe blow to its economic relations with India as businessmen from the two countries have stopped booking fresh orders.
As an immediate fallout, a business delegation from the Federation of Pakistan Chambers of Commerce, which was scheduled to visit India from November 13, has cancelled its programme.
"Given a low base, it is not the present level of trade but the future ties which will be impacted," a FICCI official said.
After a series of talks between Commerce Secretaries of the two countries, India and Pakistan had recently allowed resumption of trade through land route. Besides, Pakistan had also agreed to allow trade through the line of control in Jammu and Kashmir.
Though the business volume at 1.6 billion dollar had remained low, the two neighbours recently started trade in items like cement, coal, potatoes, onions.
"The Bangladesh type of road transport was recently thrown open on Pakistan border and we were quite excited about it. Obviously, the political developments in Pakistan have come as a big setback," the FICCI official said.
Aiming to achieve a trade target of 10 billion dollars by 2010, the two countries had recently agreed to expand their basket to include items like cement and tea.
Former President of the Federation of Indian Export Organisations (FIEO) O P Garg, who exports carpets to Pakistan, said that his counterparts across the border were worried. He said fresh orders have stopped.
"I am receiving phone calls from Pakistani businessmen who are worried about their foreign trade drying up," Garg said.
The Pakistani businessmen are not only worried about setback in trade with India but also with the rest of the world.
"They (Pakistani businessmen) told me foreign buyers have stopped arriving in Pakistan", |
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