New Delhi: With a view to increasing official trade between India and Pakistan to one billion dollar by next year, the Islamabad Chamber of Commerce and Industry is to hold a series of trade exhibitions in Lahore, Karachi and Islamabad in 2006-07.
"Official trade between Pakistan and India represents a measly sum, but the unofficial trade between the two countries is about 2 billion dollars," the chamber's executive member Malik Sohail Hussain said on the sidelines of the Indo-Pak International Exhibition-2005 (IPIX).
Two-way trade between the two countries stood at $446.56 million in 2004-05 (up to February).
The industry chamber representative said an early resolution of the Kashmir issue and removal of other barriers could save everyone the tedious task of doing trade through either Dubai or Singapore.
"Opening of four major points by India during quake-relief operations have brought the countries closer. Opening of Wagah is future vision of business," he said.
Hussain said while Pakistan was looking at imports in field of machinery, information technology and steel, it sees export potential in salt, pulses and textiles.
On the agreement between SAARC members on putting in place the South Asian Free Trade Area (SAFTA), Hussain said while it was a positive step, its implementation needs to be ensured.
"It requires a lot of spade work and the implementation would have to be seen in future," he said.
The representative also highlighted the problems in movement of business community across the borders and expressed hope that visa norms would be relaxed for improved trade ties.
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