ISLAMABAD – Trade with India can expand to five times if Pakistan captures even one per cent of India’s market of 300 million middle class, former Governor of State Bank of Pakistan, Dr Ishrat Hussain, said.
Speaking at the discussion session organised by Institute of Regional Studies (IRS) here on Friday, he said that in contrast, given Pakistan’s middle class of 30 million, India has to tap 10 per cent of its market to match the benefit”.
According to Dr Ishrat, “Army is on board regarding trade with India and the weak industries can be protected through negative list.” Referring to WTO two-year trade waiver for Pakistan, he said that it would boost trade with EU but with bed linen taken off the list would reduce the benefit to 100 million euros from 300 euros that was initially expected from duty free access to European markets to help textile exports after devastating floods of 2010. Dr Ishrat, strongly believed that Pakistan can turn around its economy if it exercises strict fiscal discipline and plugs gaping holes caused by bad governance in different sectors of economy.