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Pakistan Lost USD 40 Billion After India Trade Suspension, Business Body Says
Sentiment: NeutralHigh Priority
What Happened?
A Pakistani business leader reported that Pakistan has incurred an estimated loss of USD 40 billion since trade with India was suspended in 2019. He urged both countries to restore trade ties to benefit businesses and regional cooperation.
Key points
- Trade between Pakistan and India was suspended in 2019 after the Pulwama terror attack.
- Noor Muhammad Qasuri, chairman of the Pak-India Business Council, emphasized the need to restore trade.
- The suspension has forced Pakistani businesses to source essential goods from distant markets, increasing costs.
- Imports from India could save Pakistan's pharmaceutical industry between USD 2 billion and USD 3 billion annually.
- The textile sector has faced additional costs of around USD 5 billion due to reliance on cotton from distant countries.
Key insights
- Renewed trade could lead to increased investment opportunities in both countries.
- Access to Indian products may help reduce production costs for Pakistani businesses.
- Political differences should not hinder economic collaboration between Pakistan and India.
Why it matters
Restoring trade could lower costs for Pakistani businesses and enhance regional cooperation.
Entities
Noor Muhammad Qasuri· PersonPakistan· CountryIndia· Country
Source
India Today
