Saarc must ensure fast-track achievement of set goals

RECORDER REPORT

ISLAMABAD: South Asian Association for Regional Cooperation (SAARC) countries must ensure fast- track achievement of three goals - trade and economic relations, culture and sports and combating corruption - this would help achieve the desired goals set by the very association, said Secretary General PML (Q) Syed Mushahid Hussain.

He was speaking at the Twenty-Sixth Anniversary of SAARC celebrated here on Friday by SAARC Chamber of Commerce and Industry. A large number of key figures from political parties, business community and diplomats from SAARC member countries attended the event. An impressive overview of the latest position and comparison of the regional stock exchanges during 2011 was given by Aftab Ahmad Chaudhry, Secretary General South Asian Association of Stock Exchanges sharing data and trends in bourses of the region.

Diplomats and keynote speakers on the occasion urged the SAARC governments to move fast on three fronts like trade and economic relations, culture and sports and combating corruption from South Asia to achieve the targets set for prosperity and elimination of poverty. Global balance of economic power is changing from West to East and SAARC has become an important organisation, he said, adding that in geo-economic and geo-political scenario the SAARC has expanded from it's actual size and now China, Iran, Afghanistan, Myanmar and Central Asian Republics are part of Greater SAARC.

Deputy High Commissioner India Gopal Bagly said that SAARC has achieved many milestones and many still to be achieved by promoting cooperation among the member states. He said there were many important agreements like connectivity through rail, road and air among the SAARC member states were being negotiated, needed to be concluded shortly. This would help achieve the desired results for promoting trade and economic cooperation among the member states. He said that SAFTA has central role to play in SAARC and reduction in sensitive list and reductions in peak import tariffs would help promote regional trade and economic cooperation, adding that significant progress on VISA issue has been made and by first quarter of 2012 a good announcement is expected.

Deputy High Commissioner Bangladesh Mehfooz-ur-Rehman said that SAARC has achieved many landmark targets and there was need to work collectively for achieving the goals like economic growth and prosperity in the region for wellbeing of generations to come.

Durga Parsad Bhandari, Deputy High Commissioner Nepal termed SAARC as success and said that it has helped exchange ideas for regional development, adding that the desired goal of SAARC was establishment of South Asian Economic Union, regional connectivity through rail, road and air and joint trade exhibitions in developed world as SAARC exhibitions.

Aftab Ahmad Chaudhry said that SAARC member states should open up their economies and should allow cross border foreign direct investment, portfolio investment and institutional investment, especially Pakistan and India. This would help Pakistan as well as India and Indian industry could be relocated to Pakistan as well as joint ventures to be possible in industrial sector for rapid industrialization in region as well as in Pakistan, Chaudhry added.