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The recent
70th anniversary of Indian independence sparked
much reflection in the UK about the horrific
consequences of partition and the role the
British Empire played in those events. As well
as the awful human cost of the botched partition
process there are many other consequences that
persist to this day and that restrain the
progress of both countries.
The suspicion
and distaste that both countries have for each
other has resulted in a stunted trading
relationship that acts
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as a brake on the
economic momentum of each. Direct bi-lateral
trade between the nations stands at a relatively
paltry $2bn although informal trade (using other
countries as intermediaries) is much higher.
This is largely due to import restrictions on
Pakistan’s side but India also imposes levies on
goods imported from its neighbour.
As the
smaller of the two economies, it is fair to say
that Pakistan has more to gain from improved
relations than India which appears to have more
options in sustaining its impressive growth
numbers. But both governments would do well to
envisage a scenario where trade and co-operation
were the norm and recognise the economic and
social benefits that might accrue. The mistakes
of 70 years ago should not continue to be
compounded by the stubbornness of today’s
leaders. It would be nice to think that
commentary marking the 100th anniversary will
focus on how India and Pakistan were able to
emerge from a lengthy period of distrust into a
new era of positive cohabitation.
Guy
Dunn
P.S. Here are a few articles on the
anniversary from the EMIS platform last
week.
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70 YEARS OF PAIN
ACROSS WAGAH
BORDER
From barbed
grins in a carefully synchronized daily flag
ceremony to murderous exchanges across barbed
wire in Kashmir, the India-Pakistan border is a
70-year-old scar that will not heal.
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ROMANIA ICT SECTOR
REPORT
2016/2017
According to Romania’s
National Institute of Statistics (INS), the
share of the “Information and Communications”
(IC) services sector in the country’s GDP in
2015 was 5.1%, or around RON 36.3bn. This was up
from 4.2% in 2010 and is one of the highest GDP
shares among EU countries – and, moreover, is
still trending upwards. This sector employed
157,600 people, or around 3.3% of the workforce,
at end-2016, up from 1.5% in 2010.
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| CEIC DATA POINT OF
THE WEEK
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| CEIC
Data is a sister company of EMIS and
part of the Euromoney Data
Division
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ASEAN UNEMPLOYMENT
RATE
The Philippines has the
highest unemployment rate among the members of
the Association of Southeast Asian Nations
(ASEAN). The largest economies in the region,
however, keep low unemployment as their strong
economic performance have positive impact on
labour markets.
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| Below are
the most read articles in the past week on EMIS
Perspectives, our daily blog of emerging market
news and insights.
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BANGLADESH TO
OBSERVE NEW INCOME TAX SYSTEM
SOON
The new Income Tax Act,
prioritizing the digitization of Bangladesh’s
income tax system, will likely happen soon, The
New Nation said referring to the statement of a
National Board of Revenue
official.
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THAI STATE-OWNED
RAIL OPERATOR TO PROCURE 100 NEW
LOCOMOTIVES
As
a number of double-track railway projects in
Thailand are set to be completed within the next
few years, the State Railway of Thailand (SRT)
is planning to procure 100 new locomotives to be
used in place of the inoperative ones, the
Bangkok Post
reported.
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PERUVIAN GOVERNMENT
SEES LOCAL ECONOMY GROWING AT 2% IN
2Q
Peru’s economy will
expand by 2% in the second
quarter of this year despite the negative impact
of “Coastal El Niño” weather phenomenon, Andina
news agency reported citing a forecast made by
the local Economy and Finance Ministry
(MEF).
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ENI AND ANDARKO TO
BUILD TWO LNG TERMINALS IN
MOZAMBIQUE
Italian energy giant ENI
and Andarko Petroleum Corporation (Andarko), an
US petroleum and natural gas exploration
company, have finalized agreements with the
Mozambique government that would allow the firms
to build separately two liquefied natural gas
(LNG) terminals, BBJ - Energy Today
reported.
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TURKEY, RUSSIA AND
IRAN SIGN USD 7BN
CONTRACT
Turkish energy company,
Unit International Enerji A.Ş., Russia’s
state-owned Zarubezhneft and Iran's
AllegroGhadir Investment Holding has signed a
drilling agreement worth USD 7bn, Dunya - Daily
Bulletin
reported.
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