Pakistan has suffered a loss of $40 billion after its trade with India was suspended in 2019, a business advocacy group that promotes trade between the two countries said on Monday.Noor Muhammad Qasuri, who is the chairman of the Pak-India Business Council, has urged both nations to restore commercial ties, saying that this would benefit businesses on both sides of the border.Why did Pakistan suffer $40 billion in losses?As per Qasuri, the suspension of trade forced Pakistan to import essential raw materials as well as other goods from markets that are at a distance, thus pushing up transportation as well as freight costs and delivery times.Moreover, the pharmaceutical industry of the country depends on raw materials that are available in India, and now with no access to the same, Pakistan, as per Qasuri, is spending $2 to $3 billion every year to import these raw materials from other countries.Qasuri said that if bilateral trade is resumed between the two countries, it would lead to lower transportation costs as well as timely supplies.

He also said that petroleum imports would also be cheaper for Pakistan as Indian oil refineries are geographically closer to the country.Which are the sectors being affected the most in Pakistan?The pharmaceutical industry of Pakistan, along with its textile, cement, petroleum, sugar, fertliser, iron and steel, vegetables and those needing heavy machinery have all been affected since bilateral trade was suspended in 2019.Qasuri has also said that cotton cultivation is drastically reducing in Pakistan, and that farmers in traditional cotton-growing regions were switching more and more to sugarcane, thus adversely affecting the country's textile industry as well as its wider economy.He has called for improved agricultural policies in order to revive cotton production in the country.The textile sector in the country is now forced to import cotton from Brazil, Egypt, China and the United States, which is now putting a burden of $5 bilion on the sector as a whole.Qasuri believes that if trade is restored, both India and Pakistan will see new opportunities in investment, tourism as well as regional cooperation.He also cited India's financial assistance to Sri Lanka during its economic crisis as an example of how neighbouring countries can support each other in times of crisis.The demand in Pakistan's business community for restoring commercial ties reflects its concerns about keeping its neighbour, which also happens to be the fastest growing major economy in the world, outside its supply chain. With PTI inputs