Indo-Pak Trade May Decline: Industry Body

India''s bilateral trade will decline some 20 per cent with Pakistan, which is grappling with a major political turmoil, the Associated Chambers of Commerce and Industry (Assocham) said on Nov 29. Projected to touch $2.7 billion in the current fiscal (2007-08), the bilateral trade will not cross $2.1 billion and stagnate at that level, the industry lobby said. Indian businessmen and small merchants, who were contemplating to set up trade relations with it, have now held their plans, Dhoot said, while acknowledging the recent bilateral efforts to facilitate cross-border trade. As per official estimates, bilateral trade in 2006-07 had recorded an increase of 88 per cent and stood at $1.6 billion. It was envisaged to grow to $2.7 billion. India''s exports to Pakistan were $1.2 billion, showing an increase of 96 per cent, while imports from that country were $320 million, an 80 per cent jump over the previous year. The two sides had recently allowed trucks to cross the Wagah border and traders were planning to trade in bulk commodities and enhance bilateral trade by over 100 per cent a year in the next three years.