Indo-Pak trade holds potential to hit $9b: WB
Our Correspondent, Mumbai
The World Bank said bilateral trade between India and Pakistan, now at $1 billion, could be pushed nine times to $9 billion with the removal of barriers relating to politics, infrastructure, corruption and red-tape in the two South Asian neighbours. World Bank Managing Director Graeme Wheeler said despite a common location and history, South Asia was the least-integrated region in the world. "Barriers of politics, infrastructure, corruption and red-tape hamper the growth of trade," Wheeler said at a conference here. Countries now need to work towards reducing the cost of doing business, improving institutions and addressing infrastructure constraints, he said, indicating that Indo-Pak trade had potential to grow over $9 billion in the next five years if these barriers were adequately addressed. "Everyday, we see obstacles -- protective policies, poor infrastructure, corruption and red-tape. Trucks have to wait around 100 hours at the border of India-Bangladesh which cost an average of $200 to clear an import consignment from that border. Twenty signatures are needed before Nepal can trade with India and 140 signatures for India to trade with Nepal," he said.
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