The suspension followed the Pulwama terror attack in 2019 and subsequent escalations between the two neighbours.
Pharmaceutical industry could save $3 billion annually
According to Qasuri, Pakistan’s pharmaceutical sector could save between $2 billion and $3 billion annually if imports of essential raw materials from India resumed.
The industry previously relied on Indian supplies for several pharmaceutical inputs. However, trade restrictions have compelled manufacturers to explore alternative markets, increasing procurement and transportation costs.
Restoring access to Indian raw materials could help pharmaceutical companies lower production expenses and improve supply-chain efficiency, he said.
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Textile mills face $5 billion additional burden
Pakistan’s textile industry has also suffered from the disruption, particularly as declining domestic cotton production has increased dependence on imports.
Qasuri estimated that textile manufacturers have incurred approximately $5 billion in additional expenditure after sourcing cotton from countries including Brazil, Egypt, China and the United States.
The situation has been aggravated by changing agricultural patterns, with farmers in traditional cotton-growing regions increasingly switching to sugarcane cultivation.
He urged the government to introduce better agricultural policies to revive cotton production and support the textile sector.
Fertilisers, steel and petroleum imports also affected
Beyond pharmaceuticals and textiles, Pakistan has been importing several essential commodities from distant markets despite India’s substantial production capacity.
These include sugar, fertilisers, cement, petroleum products, iron and steel, vegetables and heavy machinery.
Qasuri argued that geographical proximity makes India a potentially more economical supplier, particularly for products involving substantial transportation costs.
Indian oil refineries, for instance, are located closer to Pakistan than several existing international suppliers, potentially allowing faster and cheaper petroleum deliveries.
Similarly, access to Indian agricultural and industrial products could reduce input costs for Pakistani manufacturers.
Business council seeks broader economic cooperation
The council chairman said restoring bilateral trade would benefit businesses in both countries while creating opportunities for investment, tourism and regional cooperation.
He also highlighted Pakistan’s potential to attract Indian tourists interested in religious and historical destinations, ancestral homes and family connections.
Referring to India’s financial assistance to Sri Lanka during its economic crisis, Qasuri argued that neighbouring countries could support each other through stronger economic cooperation.
He maintained that political differences should not prevent India and Pakistan from exploring mutually beneficial commercial opportunities, suggesting that outstanding disputes could be addressed through dialogue.
The appeal reflects concerns within Pakistan’s business community over the economic consequences of prolonged trade restrictions, although no formal decision to resume bilateral commerce has been announced.
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