SAARC Chamber stresses the need for fully exploiting trade and investment potentials in region

ISLAMABAD, May 04 (APP):SAARC Chamber Saturday stressed the urgent need for fully exploiting immense trade avenues and investment potentials for economic integration in the region as South Asia holds strategic position in the world.

According to a message received here from Kathmandu, Nepal, the leader of Pakistani delegation Iftikhar Ali Malik, currently attending SAARC CCI meeting and workshop, addressing the concluding session said SAARC member countries must focus on removal of non-tariff barriers (NTBs) and work for enhancing B2B interaction to boost trade.

He highlighted that although SAARC region holds immense trade and investment potential, being home to 21 percent of world’s population, it still remains one of the least integrated regional blocs with intra-regional trade constituting only 5 percent of the total world trade, in comparison to 51 percent for NAFTA and 25 percent for ASEAN.

He said about 55 per cent of the total potential for intra-regional trade in South Asia had not been fully exploited yet and this could be improved through shared vision about objectives, transfer of technology and exchange of research and development.

He also mentioned that SAFTA has fallen short of expectations due to complex safeguard measures and non-tariff barriers (NTBs) among SAARC member countries.

Iftikhar Malik said the leading business communities of all 8 countries feel that closer collaboration amongst businessmen was integral for regional integration and it was a win-win situation for all stakeholders.

“At SAARC CCI, our aim is to facilitate businesses of South Asia and to encourage investors SAARC Chamber stresses the need for fully exploiting trade and investment potentials in region SAARC region and beyond to invest in SAARC countries. We strongly feel that this exchange will address major challenges the region faces; job creation for the youth of South Asia, our region’s biggest asset; and poverty,” he added.

But for this, the South Asian leaders had to go above whatever they were still thinking about SAARC.

They had to keep in mind that they were the leaders of some of the poorest countries in the world and try to lift the region from its cycle of poverty as SAARC could still be said to be a “bird getting wings to fly” and was yet to come to grips with the warp and woof of regional cooperation for attaining institutionalised cooperation among South Asian countries.

He mentioned that political unrest was happening all over the world including Europe and America. Therefore, he recommended the business world to look beyond it and find solutions regardless of imbalanced political situations.

Malik further said despite multiple hurdles, it is a good omen that SAARC CCI role for promotion of business environment in the region was appreciated by its critics.

Highlighting the importance of the South Asia in the world economy, he said after the initiation of Pak-china economic corridor, Pakistan’s role in global trade supply chain would have multiplier effect on socio-economics of the region of South Asia as well.

SAARC has made notable progress in a number of areas including trade, finance, poverty alleviation, human resource development, women empowerment, children welfare, rural development, anti-terrorism, anti-narcotics and environment, he concluded.