By NNN-APP
New Delhi : President SAARC Chamber of Commerce and Industry Tariq Sayeed said that SAFTA (South Asian Free Trade Agreement) would be made more effective to revive economic co-operation for free trade in the region.
Giving a detailed presentation on SAFTA at expert committee meeting here Sunday, he said SAFTA has to be implemented in letter and spirit for South Asia to become an integrated and strong economic bloc.
He said all out efforts will be made that SAFTA to help build confidence among the business communities through private sectors of both Pakistan and India, the two largest economies in the region.
Vice President SCCI Pakistan Chapter and veteran trade leader Iftkihar Ali Malik who is representing Pakistan told APP that special focus has been laid on accelerating process of economic and social development among the South Asian countries.
SCCI Chief Tariq Sayeed in his thought provoking presentation underlined the vital importance of taking concrete and bold decisions for the welfare of the people of this region through active economic co-operation among member countries.
SCCI, an apex organisation of SAARC and a representative of the private sector has been involved in creating awareness about regional integration through various activities in the region and beyond.
SCCI will continue to remain committed to playing a pivotal role in deepening and widening economic and regional co-operation under SAARC.
SCCI has also supported the government-industry partnership and remained engaged in dialogue with governments of the SAARC region.
SCCI was set up in 1985 with a main agenda to promote regional and economic co-operation in South Asia, however, political tensions and development constraints that the region has faced over the years has played a decelerating role in economic integration of South Asia.
Unfolding the statistic figures, he said as a region, South Asia houses 1.4 billion world’s population thus representing a large workforce and tremendous business and investment opportunities. In addition, this area is rich in natural resources, which if properly used can lead to South Asia becoming a hub of business activities.
However, the intra-regional trade figures for South Asia are disappointing, he observed. He said according to the world development indicators, trade in the region constitutes only 1.4 percent of the total world imports and 1.2 percent of exports whereas merchandise trade has been only 27.9 per cent of GDP, the lowest in the world.
Tariq Sayeed said although South Asia has significantly reduced import tariffs, cost of trading across its borders is one of the highest in the world. A number of non-tariff barriers have been identified which hamper trade and increase cost.
Vice-President elect SCCI Pakistan chapter Iftikhar Ali Malik sharing his views said private sector of Pakistan will help remove constraints of doing business, visa regime and improve communication links, transportation of goods and infrastructure, banking facilities and insurance, customs and harmonization of standards, non-tariff barriers on goods.
“ We had fruitful meeting with Indian Minister of State for Commerce Jairam Ramesh Saturday and discussed threadbare the modalities to promote trade among SAARC member countries through land” said Iftikhar Ali Malik.