Pak favours only investments from India

Pakistan's business visitors at the India Economic Summit made the case for dismantling political barriers to trade on Tuesday, and complain...

Pakistan’s business visitors at the India Economic Summit made the case for dismantling political barriers to trade on Tuesday, and complained over mutual distrust and rampant protectionism, but said Pakistan need not grant India the MFN status yet.

‘‘If India and Pakistan think the year 2020 is a good target for free mutual trade, they are being complacent,’’ said Zahid Zaheer, secretary general of Pakistan’s Overseas Investors’ Chamber of Commerce and Industry.

Sohail Wajahat H. Siddiqui, CEO and MD, Siemens Pakistan, added, ‘‘Pakistan is going to have a larger market access than India, but India has far more economic prowess, so it may

need to do more to bolster trade relations.’’

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The delegation’s Ikram ul-Majeed Sehgal, however, opposed protectionism of any sort. ‘‘Why should a consumer suffer because of protectionism?’’ he said, when protection to Pakistan’s auto industry was suggested if Indian firms set up manufacturing centres there.

‘‘WTO has an answer, in its safeguards. Import quotas, countervailing duties and other restrictions are an answer, not totally disallowing trade,’’ he added.