Indian Commerce Minister Anand Sharma arrives in Pakistan

WAGAH: Indian Commerce Minister Anand Sharma and his business delegates have arrived in Pakistan to attend a three-day India Expo-Trade fair on Monday.

Federal Minister for Commerce Minister Makhdoom Ameen Faheem and his Indian counterpart talked to the media jointly at the Wagah border today.

Political tensions and development constraints that the South Asian region faced over the years have played a decelerating role in economic integration.

“The intra-regional trade figures for South Asian are still disappointing as trade in the region constitutes only 1.4 percent of the total world imports and 1.2 percent of global exports. The merchandise trade is only 27.9 percent of GDP, the lowest in the world,” expressed Vice President, SAARC CCI, Pakistan Chapter Iftikhar Ali Malik here Monday while talking to his Indian counterpart Ahmad Mujuthaba.

Malik said that entire SCCI body comprising its President Vikram Jit Singh Sahney and all its VPs including VP Bangladesh, Jashimuddin,VP Bhutan,Thinley Palden Dorji,VP Maldives,Predeep Kumar Shrestha and VP Kolsala Wickaayake welcomed the high powered Indian delegation here led by Commerce Minister Anand Sharma.

SVP LCCI Kashif Younis Meher, VP, LCCI Saeeda Nazar, executive members Waqar Ahmad Mian, Aftab Vohra and other leading businessmen were also present on the occasion.

“Although South Asia has significantly reduced import tariffs the 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,” noted Iftikhar Malik.

On the prevalent bleak economic condition in the region,  he said that World Development Indicators revealed that South Asia has one third of world's population--thus representing a large workforce, tremendous business cum investment opportunities.

He said that SCCI, an apex organisation of SAARC and a representative of the private sector has worked to create awareness about regional integration through various activities in the region and beyond.

He said SCCI remained 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.

Iftikhar reiterated that SCCI's main agenda is to promote regional and economic co-operation in South Asia.

Regarding SAFTA (South Asian Free Trade Agreement), he said it must also be made more effective to promote economic co-operation for free trade in the region.

He hoped that the visit of Indian trade delegation would help improve the bilateral trade relations between the two neighbour nuclear powers.

Copyright AFP (Agence France-Presse), 2012

Copyright Business Recorder, 2012