would pakistan accept this idea in exchange for giving contol of kashmir
to pakistan?
rvikz ji, Pakistan has'nt opposed the idea of single currency in South Asia outright, the Pakistan government is considering the proposal. After detailed analysis, if the Pakistani government feels that it's in the good interest of the Islamic Republic of Pakistan, we will not hesitate to join the single currency. However IMO, as we are talking about the trade between the South Asian countries, I feel that we should also talk peace, and resolve once and for all the disputes b/w the SAARC member states.
Re: Vajpayee proposes single currency for S. Asia
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*Originally posted by rvikz: *
would pakistan accept this idea in exchange for giving contol of kashmir
to pakistan?
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Oh, so Vajpayee has finally decided that India will give up all of Kashmir (to Pakistan)? Interesting.
Anyhow we don't mind the idea of a single currency for all South Asia. I propose the Pakistani rupee to be that currency - maybe it can be renamed the 'Mughal rupee' in light of our historical ties? :)
Actually it's a good idea but a big step. We should first start with trading as good neighbors ... maybe a free-trade zone next to the border would be nice. When the two countries will be totally interdependent, a common currency will have a better chance of survival.
If this idea is ever to work it then I believe that it should not be restricted to just the seven countries of South Asia. The (five) Central Asian Republics and Afghanistan are greatly dependent us (especially Pakistan) for trade, communications and overall economic links and they should be included in the single currency as well. At least Afghanistan, Turkmenistan, Uzbekistan and Tajikistan who are geographically the closest to us, and further from Russia. On the other side I think Myanmar (Burma) should be part of the single currency as well, especially as it has close historical and economic links with the 'South Asia' region.
Malik73, and ahmed ji, no doubt that it's a very good and bold idea of floating a single currency in the region, however not new, but I was thinking is it really implementable, specially keeping in mind the hostile environment we live in. IMO, without resolving disputes among the SAARC member states, we cannot take such a major step like of single currency without resolving the core issues, like the Kashmir issue. Also, are we going to follow the EU, in implementing their financial system in our region or do we have some other model to follow?
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Originally posted by ZulfiOKC: *
**IMO, without resolving disputes among the SAARC member states, we cannot take such a major step like of single currency without resolving the core issues, like the Kashmir issue.*
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I fully agree, that we should resolve the Kashmir dispute and then start moving towards economic integration in the South and Central Asian region. After all the European states resolved all their territorial disputes before forming the European Common Market in 1958, and there have been no real major territorial disputes (save from Gibraltar) as the European Union has grown to it's present strength.
Pak and India are two completely different countries in every aspect, they are confronting a big territorial dispute and second Pak is too small to become an equal partner. It is very doubtful that these two countries can ever work together to form an economic zone like EU, though an economic zone of Pak, Afghanistan and Iran is possible.
I think Vajpayee has gone nuts... he is going overboard with this India-Paki bhai-bhai thing...
South Asia is not European Union where countries are of more or less the same size and economic strength.... Common currency and open borders between impoverished nations will mean mass migration of people to regions which are "relatively" better-off economically(In this case mostly India - u like it or not). We have already seen what open border between India-Nepal, Pakistan-Afghanistan can do.
Speaking from India's standpoint, I will have to say that the economic gap between India and other countries in the region is growing everyday. Opening the borders will mean mass inflow of Bangladeshis, Pakis etc. into specific pockets of India inflicting severe strain on the infrastructure there.... (as if 1 billion of us were not enough already).... Hordes of illegal Bangladeshis are already a problem in places like Mumbai.... Such inflow will more than negate whatever little India stands to gain from selling its products in such small economies as Pak and Bangladesh.
Vajpayee seems to have lost his mental balance.... One day Vajju wants Pak to stop infiltration and next day he wants the two countries to have open border so that all and sundry can get into India....I will support Bal Thackeray(if I have to) on this issue.
Conclusion: Saala, Vajju to 5-10 saal mein mar jaayega... par hamaari waat lagaa ke jaayegaa...
^ ha,ha,ha, good joke dude.
I don't see Pakistanis flocking to the land of milk and honey, though many Bengalis and indian muslims are living illegaly in Pakistan, specially in Karachi. Indians come here to visit their relatives and most of them never go back. My dear, wake up and smell the coffee, India is a third world country and with all its economic problems Pakistan is still a better place to live.
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*Originally posted by shawaiz: *
^ ha,ha,ha, good joke dude.
I don't see Pakistanis flocking to the land of milk and honey,
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how many Indian hindus do u know who have gone to Pak for its "prosperity" or otherwise, and settled there in recent times - legally or illegally (India is 85% Hindu - incase u did not know). But Pak/Bangladeshi Muslims will have no problems coming in and calling India home (they can easily melt into the Indian milieu).
Warning - No personal insults
Single currency
Hmmm this idea is not new but it is a good thing. Europe wants to achive this with their Euro and eventually i can see this competing with the dollar.
The islamic state in the past had this and will have a single currency again as it is part and parcel of the islamic economic system it is backed by the gold standard making it have real value not just speculative value like the paper money which is worth something today and tommorow it is worth nothing!
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*Originally posted by Some1: *
South Asia is not European Union where countries are of more or less the same size and economic strength....
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errr, EU countries more or less the same size and economic strength? did they kick out portugal, greece, belgium, luxembourg etc? :) and what about the new entrants..forget about the old guard of EU..
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*Originally posted by Fraudz: *
errr, EU countries more or less the same size and economic strength? did they kick out portugal, greece, belgium, luxembourg etc? :) and what about the new entrants..forget about the old guard of EU..
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O Fraudia Saab... dont take my statement literally... I was implying that in the EU, all the countries enjoy a basic level of economic prosperity.... A portuguese will not go to Germany, live in a slum and defecate on the street to earn his daily wages.
You should come to Mumbai(even Calcutta) and see what illegal Bangladeshis have done to the city in order to understand what the proposed open borders can do. I am sure (on a different level) that Pakistan's experience with Afghan refugees is the same. I am not implying that India/Pak are themselves prosperous countries, only that large scale poverty in South Asia will mean mass migration wrecking havoc on infrastructure where it exists.
Some1- Souldn't we blame the govt for people slumming up Bombay and defecating on the streets? Would Germany allow slums to be built just for the sake of votes?
Taken from a different perspective - would it be better if we all came under one economic umbrella and currency, and allowed free movement between borders? There will be massive influx into Bombay or Calcutta, but conversely Indians could go and start businesses in Pakistan and B'desh. The influx would stabilise, then reverse flow as markets expanded.
,
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*Originally posted by karina: *
.... but conversely Indians could go and start businesses in Pakistan and B'desh.
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Do you seriously think Indians (atleast Indian Hindus) will be able to set up businesses in Pak/BD. My belief is that India - being the largest in the region - will soon start to be viewed as a regional economic bully esp. if Indian ventures start taking away jobs from the natives in Pak/BD. India is certainly no USA but there is huge contrast between the size of India's economy and the rest of the countries in the region. Pak/BD industry is not matured enough to match India's economy of scale. Think of cars for example.... will it be acceptable for the Pakis/Bangladeshis to see their roads filled with cheap Tata Trucks/Mahindra Jeeps/Vikram tempos.
The other point is that there is rampant poverty,over-population and unemployment already in India.... open borders will most likely result in import of more poverty (most likely from BD), more unemployment etc.
When the Assamese/Marathis dont seem to tolerate Biharis(from Bihar) coming to their state and taking away their jobs... do you seriously believe they would welcome Pakis/BD with open arms.
The more I think of it, the more I am convinced that this idea is a non-starter to begin with.
On the other hand, Pakistani, Bangladeshi, Sri Lankan businesses will be extremely well placed to bring their goods and services to the huge Indian market (reginal economic power as you termed it), similar to the near shore advantages of Mexico and Canada vizaviz the US.
Open economic borders make a lot of sense - may be what couldn't be solved politically and militarily will be resolved.
As to single currency, we already have one. The USD
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*Originally posted by Some1: *
The more I think of it, the more I am convinced that this idea is a non-starter to begin with.
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yes it is, but if it does start there has to be some plus point in there for us or it won't be allowed to start at all, seriously.