'Ministry to submit India trade suspension summary for cabinet approval'

ISLAMABAD: Federal Ministry of Commerce will prepare a summary on suspension of bilateral trade with India on Thursday to present before the federal cabinet citing sources, ARY News reported.

A meeting of the National Security Committee (NSC) on Wednesday decided several steps to respond to India’s illegal annexation of Occupied Kashmir including suspension of bilateral trade with the country.

The Ministry of Commerce will likely to present the summary in the cabinet meeting on Friday (tomorrow).

After approval of the summary by the cabinet a SRO about amendment in the import and export order will be issued, commerce ministry sources said.

Pakistan’s suspension of trade with India would have great impact on the country as the balance of trade between the two countries favours India.

Total volume of bilateral trade presently stands at 2.124 billion dollars, officials said.

Pakistan’s decision to suspend bilateral trade with India is likely to cost New Delhi around $1.891 billion per year, ministry’s sources said.

Pakistan has consistently faced a trade deficit with India.

According to sources at the ministry, Pakistan’s imports from India remained $1.8 billion during the financial year 2018-19, while its exports to India remained a mere $340 million during the same period.

The World Bank in a report had earlier estimated that the potential of bilateral trade between the two neighbouring countries was $37 billion per year.