Despite India according the MFN status to Pakistan in 1996, Basit said his country had been reluctant to reciprocate owing to the "massive" adverse balance of trade with India.
"Bilateral trade now stands at $2.7 billion with Pakistan export to India accounting just $0.4 billion. While we would certainly like to see the bilateral trade to grow, there are practical problems that need to be sorted out.
"There's visa problems, connectivity is very poor, and then there are the non-tariff barriers. So, if there is a political will, then all these can be sorted out. That is why it is imperative for the dialogue process to resume and continue," he said.
Lamenting poor connectivity, Basit also called for enhancing investment opportunities in both countries.
"It's not only trade, what is imperative is we need to create investment opportunities in both the countries. At present such opportunities are almost negligible. I would also urge Indian government and private airlines to resume and start operations to and from Pakistan. Right now we have just three flights connecting India and Pakistan," he noted.