"We have no other option but to undertake serious efforts to break the ice by developing a common approach towards trade and commerce," he said at the 99th annual general session of PHD Chamber of Commerce and Industry in New Delhi.

Both the nations should work towards the success of South Asian Free Trade Area.

Expressing confidence that both nations can unite through a common market, he said "If the European nations can come under a common platform of European Union by forgetting over 300 years of conflict, why not India and Pakistan with a history of only 50 years".

By developing a commonality in approach, both the countries can jointly fight poverty, deprivation, hunger and inequality, the Minister said.

Collective approach has become the only way to solve conflicts, he said adding Congress party entering coalition politics reflects this basic principle in the context of the Indian polity.

On achieving the eight per cent growth target, he said "It is not a pipe dream, it could be achieved provided the economy is able to generate investible domestic savings".

Ravi Wig, the outgoing PHDCCI president, said "The government must support export of defence items by private sector".