'Initiate trade talks with India,' Pakistan's top business leaders urge Shehbaz Sharif

Some prominent Pakistani business leaders have requested Prime Minister Shehbaz Sharif to start trade talks with India, which they say would greatly benefit the cash-strapped country's economy. In Lahore, Punjab province assembly Speaker Malik Ahmad Khan said the enmity with India needs to be ended and talks for the resumption of trade between the two countries should be initiated. 

"I will say without any fear that both countries need to initiate trade ties. But I want to talk straight that this enmity between Pakistan and India needs to be ended if we have to move forward. We are neighbours. We should talk to each other as there are several similar things between us. We should promote trade between the two countries," Khan, who belongs to the ruling Pakistan Muslim League-Nawaz (PML-N), said while speaking to reporters in Lahore. 

On Wednesday, Karachi's business community advised Prime Minister Sharif to focus on bringing about political stability to "turn around" the economy, which has been struggling for months due to high inflation and slower growth. Sharif wants to uplift the economy through exports but industry leaders said it was "almost impossible" to do business under the current circumstances, particularly with high energy costs and inconsistent government policies, the Dawn reported.

"You have made a few handshakes after taking charge that have produced good results and the progress on the IMF deal is one of them,” said Arif Habib, the chief of Arif Habib Group – a capital market giant. "I suggest you do a few more handshakes. One of them is regarding trade with India, which would greatly benefit our economy."

In March this year, Pakistan's Foreign Minister Ishaq Dar said Islamabad would seriously consider restoring trade ties with India. However, days after his remarks, Pakistan's Foreign Office made a U-turn and said there was no such plan. Islamabad downgraded trade ties with India following the scrapping of Article 370. 

Dar, during a press conference in London on March 23, said Pakistan's business community was eager to resume trade activities with India, indicating a potential shift in diplomatic stance. However, days later, Foreign Office spokesperson Mumtaz Zahra Baloch said. "Pakistan-India trade relations have been non-existent since 2019 when India took illegal steps in the illegally occupied Jammu and Kashmir...There is no change in Pakistan's position on it."