INDIA
Coming as it did on the penultimate day of the 28th India International Trade Fair (IITF), Mumbai's date with terror on 26/11 came as a shock not just to India
As a result, the unofficial trade between the neighbours is likely to grow further
BANGALORE: Coming as it did on the penultimate day of the 28th India International Trade Fair (IITF), Mumbai's date with terror on 26/11 came as a shock not just to India but also to 70 or so Pakistani exhibitors who were registered to participate in the 13-day trade show.
Slated to travel further to Amritsar for another trade expo organised by the local chapter of the North Indian trade body PHDCCI, only 22 of them could muster the courage to go ahead with the plan while the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and other participants dropped out.
That just about sums up the future of Indo-Pak trade, which has come to a grinding half after the Mumbai terror attacks with the Indian government clamping down unofficially on business ties with the neighbour. Only the brave will attempt to trade with each other in the current circumstances.
The two countries do not have a formal trade agreement, but in 1996 India granted most favoured nation (MFN) status to Pakistan. Islamabad on its part maintains a positive list of 1,075 items that can be imported into the country from across its eastern border. Agricultural and dairy produce, sugar, rice, machinery, engineering goods, and tyres make up most of the trade basket between the two countries.
Not surprisingly, the balance of trade is heavily skewed towards India. In the first quarter of the current fiscal, India's exports to Pakistan grew almost 13% when compared to the same period last year, reaching Rs1,891 crore. Pakistan on the other hand exported goods worth just Rs237 crore, a drop of 16.29% over the same period last year.
“Official trade with Pakistan including 100% of film exports by India will come to a total halt,” said RK Dhawan, chairman, northern region, at the Federation of Indian Exporting Organisations (FIEO). “Business ties are a secondary issue and politics is at the forefront. It will have a very bad effect on trade.” Trade through the Wagah checkpoint is down to a trickle. Negotiations between the countries to open up additional trade points have been painfully slow.
Within the Saarc block, India has been Pakistan’s biggest trading partner in the past six years, accounting for almost 50 per cent of the trade within the region. Following the relaxation of cement imports earlier this year, Pakistani companies were planning to export six million tonnes of the commodity to India annually, making this its largest market for cement.
While the official trade may have come to a halt, the thriving unofficial or third-country trade between India and Pakistan, which is currently at least five times as large as the official trade, goes on. While officially the two countries traded goods worth nearly $2 billion, the third-country trade between the two is estimated at close to $10 billion,
according to Krishan Kalra, secretary-general of the PHDCCI, the main industry-level interface with Pakistani trade bodies.
“This will continue as exporters cannot afford to stop their business, particularly in the current circumstances,” Kalra said quite frankly.
Ratan Tata's neighbours share stories of everyday encounters with him, say he was...
Viral video: Internet can't stop gushing over this little girl's breathtaking dance, WATCH
THIS Gautam Adani company's shares are in spotlight as it raises Rs 42000000000 in...
Delhi-NCR's air quality turns 'poor', AQI reaches...
India-Canada row: ‘No action on request to arrest Lawrence Bishnoi gang members’, says MEA
Cyclone Alert: Odisha coast likely to face cyclone next week, IMD issues alert
Noida school horror: Victim's mother reveals 'my daughter was told...'
‘India and Pakistan should bury the past’: Nawaz Sharif after S Jaishankar's visit
'Dil to bachcha hai ji': Rahul Gandhi's heartfelt interaction with kids, WATCH viral video
JEE Main 2025: NTA releases important notice on JEE Main exam pattern
Blow to Mukesh Ambani as Reliance Jio loses 10.9 million subscribers due to...
Joe Biden reacts to Hamas Chief Yahya Sinwar's killing, says 'that obstacle no longer exists but...'
Viral video: Desi girl's sizzling dance to 'Aaj Ki Raat' impresses internet, watch
Watch: Heartwarming video of girl treating slippers like a baby goes viral
Earn Rs 250000000 through THIS NASA challenge: Here’s how you can participate
DNA TV Show: Bahraich murder accused shot in police encounter near Nepal border; 5 held
Good news for Narayana Murthy, Infosys net profit rises to Rs 6,506 crore
Tamannaah Bhatia questioned by ED in Guwahati in money laundering case, details inside
Hamas leader Yahya Sinwar killed in Gaza, Israel PM Netanyahu confirms
UGC NET June 2024 Result DECLARED: NTA announces UGC NET 2024 June exam result online, check here
Did IDF eliminate Yahya Sinwar, or has Martyr been born in Gaza?
Hamas chief Yahya Sinwar among 3 killed by Israel? Israel Defense Forces updates
Kangana Ranaut's Emergency finally cleared by CBFC, new release date...
Here's the film after which Shah Rukh Khan started drinking, his co-stars were Aishwarya Rai and...
Akash Ambani, Shloka Mehta live on 27th floor of Rs 15000 crore Antilia, here's why
Young entrepreneur’s Rahul Sachdeva journey to make foreign education accessible
Is Rajinikanth's Poes Garden home flooded amid Chennai rains? Here's the truth behind viral video
'My family is broken but..': Zeeshan Siddiqui's first reaction to father Baba Siddiqui's death
DNA Auto Award 2024 Has Spoken: Jawa 42 FJ, bringing Neo-classic revolution in Motor Industry
Apple iPad 10th gen vs iPad 9th gen: Should you buy or wait for iPad 11?
Nita Ambani's hairstylist explains why haircuts can't fix damage and offers solutions
Bigg Boss Kannada's Kiccha Sudeepa retires from hosting duties, says 'let's make this season...'
Air India flight from Mumbai transmits emergency signal over London, claims Flight tracker
Elon Musk applauds India's decision: Spectrum allocation favors open access and innovation
BIG UPDATE on IPL auction, Saudi Arabia to host event, will take place on...
Two Bahraich violence accused shot by police in encounter while fleeing to Nepal; 5 held
'I won’t be returning': South African legend bids farewell to Sunrisers Hyderabad ahead of IPL 2025
Indian stargazers spot rare, ancient comet after 80,000 years, see breathtaking pics
'46 all-out new 36 all-out?': Cricket Australia trolls India after batting collapse vs New Zealand
Karwa Chauth 2024: Know the date, timings, history and significance
Mukesh Ambani's Jio superhit 5G plan, offers 90 days validity with unlimited data
IND vs NZ: Virat Kohli equals THIS unwanted record with 9-ball duck against New Zealand in 1st Test
Proba-3: ISRO to launch ESA Solar Eclipse Mission with precision satellites
'Law not blind': Supreme court makes 2 BIG CHANGES, unveils new justice lady and replaced…
J-K: Several CRPF Jawans injured in road accident in Budgam, probe underway
Who is Justice Sanjiv Khanna named CJI Chandrachud's successor, could become next Chief Justice?
Mukesh Ambani's BIG move: Reliance investors to get this DIWALI bonanza, know details here
'Ravan ko kisne maara?' This kid's hilarious answer will leave your in splits, WATCH viral video
Nayab Singh Saini takes oath as Haryana CM in presence of PM Modi, BJP brass
IND vs NZ: India all out for 46 runs, lowest test score at home
Hunter's Moon 2024: NASA drops first glimpse of brightest Supermoon, shares its significance
Meet man, IIT graduate who worked for Indian Railways, then went on to join Elon Musk's...