Pakistan decision to suspend trade reflect bad economic prudence: TPCI
Press Release:
Pakistan decision to suspend trade reflect bad economic prudence: TPCI
– The slated solidarity towards Kashmir’s is interference in India’s internal matter
New Delhi, 8th August 2019: Reacting on the suspension of trade and diplomatic relations by Pakistan, yesterday, Trade Promotion Council of India (TPCI) said, it’s a unilateral move and will hurt Pakistan more, which is already reeling under bad economic weather. Pakistan ploy to show solidarity towards Kashmiri people is interference in India’s internal matter.
Mohit Singla, Chairman TPCI commented, “Pakistan decision to suspended trade does not have any economic prudence and is based on emotional impulse.” The country is already grappling with economic stress and it will further derail the USD 2.56 billion bilateral trade and touch minimal. However, there are conduits to carry on with trade via UAE, Singapore, Dubai or Saudi Arabia. The biggest fear is informal trade in form of cross border smuggling might grow.”
Further Chairman added, “We will not be losing much as Pakistan had not even granted us MFN status. Pakistan is an important export destination for India but not vice-a-versa. This is despite the fact that Pakistan imposes a large number of NTMs (143) on Indian exports, the major ones being export related measures (25.2%); technical barriers to trade (24.5%); and sanitary and phytosanitary measures (22.4%). These are ‘concentrated on agriculture, plants, and food-related products.”
Also, under the South Asia Free Trade Area Agreement (SAFTA) 2004, Pakistan’s share in external trade is less than 10%, while India’s share is more than 70%. Such steps may propel India to look for new markets beyond SAFTA, Singla added.
Major exports from India includes cotton (valued at $0.273 billion), p-Xylene ($0.082 billion), polypropylene ($0.063 billion) and single yarn ($0.088 billion) along with organic chemicals, plastics, maize, dyes, vaccines, tea, cumin etc. Pakistan’s major exports to India include dates ($0.113 billion), port land cement ($0.078 billion), other petroleum oil ($0.055 billion) and light oils and preparations ($0.028 billion).
For any further information, contact:
Sameer pushp
DIRECTOR-
MEDIA & CORPORATE COMMUNICATIONS
9, 2nd Floor, Scindia House, Connaught Circus,
New Delhi- 110001, India
T: (91) 11 40727281
M: (91) 9811229110
W: www.tpci.in
