PBIF calls for enhance trade with neighbouring countries

Lahore: President Pakistan Businessmen and Intellectuals Forum (PBIF) and former provincial minister Mian Zahid Hussain on Saturday called for enhanced trade among neighbouring countries which is key to peace and prosperity.Business community fully supports efforts of the government to enhance trade with Iran, he said.

He said that international trade is difficult in South Asia therefore it is less than two percent of their GDP while it is easy in East Asia where international trade is over twenty percent of the GDP.

He said that Pakistan’s annual bilateral trade with Iran has remained below one billion dollars while greatest fall of 84 per cent was witnessed in 2013-14. On the other hand trade between India and Iran stands at fifteen billion dollars while Iran-Iraq trade is twelve billion dollars.

Mian Zahid Hussain said that Pakistan and India are two most important countries of Saarc but their bilateral trade is below three billion dollars. On the other hand China and India trade volume is between 65-70 billion dollars. It is amazing that Indian rice exports to Iran are more than Pakistan’s total exports to Tehran, he said. Indian trade with Iran will get a boost if sanctions are lifted in June while Pakistan will be able to import gas taming energy crisis and boosting bilateral trade with removal of barriers.

He said that Pakistan and Afghanistan agreed to double bilateral trade to five billion dollars in 2015 but it could not be materialised.