ISLAMABAD: Barlas Fourth SAARC, Business Leaders Conclave concluded in Nepal with a promise of regional economic integration for full utilization of benefits of geographical proximity to expand trade and intra-regional investment.
Issuing the nine-point Kathmandu Declaration, the conclave urged the governments of the member countries to engage seriously on regional connectivity to achieve peace and prosperity.
The declaration recommended harmonization of customs procedures and mutual recognition of Standards and Certifications along with adoption of open Sky policy in the region-linking not only directs flights between capitals but to all other major cities.
"The economic union of South Asian nations can succeed only in the presence of strong political will to bring down the existing trade barriers". South Asian nations have similar economic characteristics have similar export profile and trading partners, industrial characteristics are also more or less comparable and the demography is also alike that makes adopting uniformity as a single entity might not be difficult, The economic similarity among neighboring countries will enable them to free trade agreement and work for deeper economic integration to form a common market.
Despite the signing up of SAFTA agreement the region is still plagued by the existing of non-tariff barriers that does not allow free movement of commodities.
The participants in the 4th SAARC Business Leaders Conclave have agreed to enter into a MoU to promote the general understanding of the market and investment situation in their respective country; they have agreed to assist in organizing programmes and trade fairs for businessmen from other countries.
The representatives of Bangladesh Nepal, India Bhutan, Maldives and Sri Lanka have signed the Memorandum of Understanding that is expected to boost the intra-regional trade that stands at below five percent, Most the Members appreciated the idea of organizing the "Made in Pakistan Exhibition" in the SAARC countries and it was proposed to organize Made in SAARC Exhibition in Pakistan and this single country Exhibition in Pakistan would opened new doors of mutual trade and commerce activities.
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