LAHORE: SAARC Chamber of Commerce and Industry, an apex body of chambers of member countries, on Thursday widely hailed epoch making decision of the Pak-Indo foreign ministers to increase the volume of trade between the two countries besides addressing logically all core issues.
Welcoming the optimistic outcome of Pak-Indo ministerial meetings held at New Delhi,SAARC Chambers of Commerce and Industry (SCCI) observed that durable peace and resolution of all outstanding cores issue through peaceful parleys is pre- requisite for stability and economic growth in the region.
The SCCI further observed with satisfaction that both countries reaffirmed their commitment to the goals and objectives of SAARC and agreed to make all-out efforts to promote and co-operate for regional development in the SAARC framework in addition to convening regular meetings of chambers of commerce and industries of either sides.
SCCI Chief Pak chapter and veteran trade leader Iftikhar Ali Malik said that constructive discussion in congenial atmosphere at meeting between Pak Foreign Minister Ms Hina Rabbai Khar and his Indian counterpart S.M Krishna on all important issues confronting the two nuclear powers including core issue of Jammu and Kashmir was good omen for the region.
He said that it was good ray of hope for the people of both countries that two foreign ministers besides other issues also agreed to enhance the trade and accelerate the economic activities mutually benefit between Pakistan and India.
In this context,they underscored the significance of early establishment of a non-discriminatory trade regime between the two countries including reduction/removal of tariff and non-tariff barriers besides facilitating trade and addressing trade imbalance.
Iftikhar Ali Malik said that if all SAARC member countries pool and harness their indigenous resources,it will definitely help improve socio economic conditions and welfare of their respective people.
The intra-regional trade figures for South Asian are disappointing as trade in the region constitutes only 1.4 per cent of the total world imports and 1.2 per cent of exports, whereas merchandise trade is only 27.9 per cent of GDP,the lowest in the world.
He said that World Development Indicators had revealed South Asia houses 1.4 billion world's population thus representing a large workforce,tremendous business and investment opportunities. 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. Iftikhar Ali Malik said that SCCI, an apex organisation of SAARC and a representative of the private sector had worked to create awareness about regional integration through various activities in the region and beyond.
He said SAFTA (South Asian Free Trade Agreement) must also be made more effective to revive economic cooperation for free trade in the region.
He said all-out efforts would be made that SAFTA could help build confidence among the business communities of Pakistan and India.
He said that SCCI had fully supported the government-industry partnership and remained engaged in dialogue with governments of the SAARC region.He said that successful SAARC conference held Islamabad recently was a good step towards normalization of relations between the two nuclear states.
The SCCI can play a pivotal role in deepening and widening economic and regional co-operation with special focus on stamping out the ever increasing menace of terror in the region.
He stressed on urgent need for promotion regional and economic cooperation in South Asia,however,political tensions and development constraints that the region has faced over the years played a decelerating role in economic integration of South Asia.
Iftikhar Ali Malik said that all-out efforts would be made to accelerate the process of economic and social development in South Asian countries. He said all out efforts would be made that SAFTA could help build confidence among the business communities of Pakistan and India.
Copyright APP (Associated Press of Pakistan), 2011
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