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NEW DELHI (India): Indian and Pakistani business leaders Thursday identified textiles, information technology, entertainment, auto parts and pharmaceuticals as areas for potential bilateral trade, a report said.

The issue was discussed at a meeting between a visiting trade delegation from Pakistan's Karachi Chamber of Commerce and Industry and India's commerce and industry minister Arun Jaitley, the PTI reported.

"India-Pakistan trade figures presently are not reflective of their potential. I feel it should also grow with the easing of tensions," the Indian Commerce minister said.

A series of Indian and Pakistani trade delegations have travelled to each other's countries after a thaw in relations. On Thursday, he said an agreement among South Asian countries to create a free trade area in the region augured well for an increase in India-Pakistan trade. India could become a hub for small car exports and Pakistan offered a huge market, he said.

The commerce minister said there was immense scope for cooperation in sectors like tea, entertainment, healthcare, IT and pharmaceuticals from India and cotton, power and textiles from Pakistan.

The visiting Pakistani delegation sought relaxation in visa rules for business visitors from Pakistan and expressed interest in setting up joint ventures.

Annual trade between India and Pakistan is currently valued at 206 million dollars, but could easily jump to three to four billion dollars, if they open up their markets to each other, economists say. Pakistan's imports from India in the financial year ended March 2001 were 186 million dollars, while India's imports from Pakistan stood at 60 million dollars.

Shipping service between Karachi-Bombay soon

Meanwhile a report from Karachi says that the Deputy Chairperson Rajya Sabha, Dr Najma Heptullah has disclosed that shipping services would be launched soon between Karachi and Bombay to facilitate the people to visit their relatives conveniently.

Presiding over the meeting of the Karachi Chamber of Commerce and Industry's trade delegation, currently on visit to India, and PHD Chmaber, New Delhi there, she expressed satisfaction that the relations between the countries were moving in the right direction. She supported the recent movement of regional cooperation.

According to information reaching here, Ravi Wig, President PHD Chamber of Commerce & Industry, welcoming the KCCI delegation, observed that despite current congenial atmosphere, the volume of trade between the countries, continued to be on lower side. He urged that effective measures be taken to check illegal trade which will give a boost to bilateral trade.

Wig stressed that we have many complimentaries, including geographical proximity, culture, language etc, which must be utilized to the advantage of both countries.

Siraj Kassam Teli, President KCCI and leader of the delegation urged the governments of both India and Pakistan to make a commitment of not going back and undoing the positive measure, like restoring full diplomatic relations, and road, rail and air links etc, in case of any snag or irritant in two way relation.

He explained in a historic perspective that dialogues are inevitable for peace and cordial relations. "So we should not create a situation in which we have to start afresh", he stressed. He said that regional trade and specially with India is essential particularly to face the challenges of globalization. "We are not afraid of the flow of Indian goods in the face of full-fledged bilateral trades", he mentioned.