In a new development for India-Pakistan trade relations, Pakistan’s Economic Coordination Council, a prime decision-making body, on Wednesday, 31 March, allowed the import of Indian cotton, yarn, and sugar, sources told Reuters.
Trade was suspended between the two nuclear-armed border-sharing nations.
Five dealers informed the news agency that Pakistani buyers have already started inquiring about buying Indian sugar and cotton, which is being offered at lower rates than other countries.
India is the world’s biggest producer of cotton and the second biggest producer of sugar. Exports to its neighbour will reduce surpluses that are weighing on its local markets, while helping Pakistan to lower soaring sugar prices ahead of Ramadan.
This comes amid a gradual easing of decades-long tensions between the two neighbours that have fought three wars since the partition of 1947. In February 2021, the militaries of both countries had released a rare joint statement announcing a ceasefire along the disputed border in Kashmir.
(With inputs from Reuters.)
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