The commercial freeze enacted in 2019 has inflicted widespread damage on major Pakistani industries, particularly textiles and pharmaceuticals, by forcing them to look abroad for raw supplies. Domestic textile mills have spent roughly $5 billion extra to bring in cotton from distant nations like Brazil and the United States. Concurrently, Pakistani importers are paying steep logistics premiums on steel, fertilizer, and petroleum that India produces next door. Restoring trade would not only reduce these expenses but also foster regional investment and cross-border tourism.
Key points
The Pak-India Business Council argues political disputes should be managed through dialog…: The Pak-India Business Council argues political disputes should be managed through dialogue rather than costly trade embargos.
Resuming cross-border commercial ties would immediately lower freight charges and secure…: Resuming cross-border commercial ties would immediately lower freight charges and secure faster delivery times for critical industrial inputs.
Normalized economic relations could unlock significant new avenues for bilateral investme…: Normalized economic relations could unlock significant new avenues for bilateral investment and cross-border cultural and religious tourism.
Sources checked by our analysis pipeline: 1
Lahore: Pakistan has suffered an estimated USD 40 billion in economic losses since trade with India was suspended in 2019 following the Pulwama terror attack and subsequent escalations, the head of a business advocacy group said Monday.
Chairman of the Pak-India Business Council Noor Muhammad Qasuri also urged the two neighbouring countries to restore commercial ties, saying it would benefit businesses on both sides and create opportunities for investment, tourism and regional cooperation.
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In a statement, Qasuri said the suspension forced Pakistani businesses to import essential raw materials and other goods from distant markets, pushing up transportation and freight costs as well as delivery times.
Pakistan's pharmaceutical industry relied on raw materials available in India, he said, adding that its imports from the neighbouring country could generate annual savings of USD 2 billion to USD 3 billion.
The textile sector, meanwhile, incurred additional costs amid declining domestic cotton production. Textile mills had been forced to source cotton from Brazil, Egypt, China and the United States, resulting in an estimated additional…
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