India, Pak trade should be in rupees not in dollars: JCCI
Trade between India and Pakistan should be done in rupees and not in US dollars in order to boost the commerce between the countries, a member of a Pakistani chamber said Wednesday.
New Delhi: Trade between India and Pakistan should be done in rupees and not in US dollars in order to boost the commerce between the countries, a member of a Pakistani chamber said Wednesday.
The matter came into discussion during the meeting of members of Pakistan-based Jhang Chamber of Commerce and Industry (JCCI) and PHD Chamber here.
"To enhance the bilateral trade and economic cooperation between the two countries, Indo-Pak trade should be done in rupees and not in dollars," PHD Chamber said quoting Imran Sohail, who is leading a nine-member delegation of Jhang Chamber of Commerce and Industry.
He was speaking at an interactive session organised by PHD Chamber of Commerce and Industry in the capital.
Sohail said that political relations should not affect the prospective business ties between the countries.
He also expressed the hope that India will be granted most favoured nation (MFN) status soon.
Besides, he proposed that travelling between the nations should be made easy with the grant of multiple entry visa to multiple cities.
Zirgham Raza, First Secretary (Trade), High Commission of Pakistan said that both the governments are working on technical aspects to facilitate bilateral trade between the countries including issues related to visas, opening of bank branches and standardisation of products.
Speaking at the occasion, Alok B Shriram, Vice President, PHD Chamber said although both the governments are taking concrete steps to enhance bilateral trade, the business communities of both sides still face problems like uncertainty of payments.
"There is a need to address these gaps and create a more conducive environment for bilateral cooperation," Shriram said.
Currently, the bilateral trade between the countries stood at about USD 3 billion.