Staff Reporter
Lahore
SAARC Chamber Sunday 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 Colombo the leader of Pakistani delegation Iftikhar Ali Malik , currently attending 78th SAARC Chamber Executive committee meeting 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 has not been fully exploited yet and this can 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 is integral for regional integration and is a win-win situation for all stakeholders. “At SAARC CCI, our aim is to facilitate businesses of South Asia and to encourage investors from SAARC region and beyond to invest in SAARC countries.
