Pakistan Business Forum (PBF) Lahore President Momin Ali Malik has stressed the need for enhancing trade among South Asian Association for Regional Cooperation countries in high growth sectors including information technology, manufacturing, energy, tourism and agribusiness.
Talking to APP here on Saturday, he regretted that trade among the South Asian nations was declining every year. He said there had been rapid economic growth in the region, but unfortunately it confronted a range of complex issues and barriers to trade that limited cross-border regional trade. “Contrary to this, we see increased integration in other regional blocks,” he said, arguing that intra-regional trade was over 40 per cent in NAFTA (North American Free Trade Agreement), 68 per cent in EU (European Union), and 27 per cent in ASEAN (Association of South East Asian Nations).
Their economic integration was directly linked to their GDP per capita, higher productivity, lower poverty and unemployment, he added.—APP
