Speakers at a seminar on 'Safta-Issues and Options' have expressed the optimism that enforcement of this agreement would provide vast opportunities of economic and trade growth to the countries of the region.
The Lahore Chamber of Commerce and Industry (LCCI) and the Saarc Chamber of Commerce and Industry (SCCI) jointly organised the seminar here on Monday, while LCCI chief Mian Anjum Nisar delivered opening and closing remarks.
Others who addressed the seminar included the First Secretary (commercial), Indian High Commission, Sapna Tiwari, the Counsel General, Trade Commission, Sri Lanka, Ms Manel de Silva, the Punjab Governor's Advisor on trade and economic issues, Irfan Ahmad; Saarc Chamber Executive Member Mahmood Ahmad and Rehmatullah Javed.
Technical presentations were given by Huma Fakhar on 'Safta-Challenges and Opportunities', Naeem Anwar of National Tariff Commission (NTC) on 'WTO and Regional Trade Agreements', Khizar Hayyat of NTC on 'Trade Defence under Safta' and Ananya Raihan, Centre for Policy Dialogue, Dhaka on 'Safta: LDCs perspective."
Indian diplomat Sapna Tiwari, while quoting experience of Indo-Sri Lanka Free Trade Agreement (FTA), said this experience has produced desired results, and proved beneficial to both countries.
About fears being expressed by the industry and businesses in Pakistan about the FTA, she said that Indian businessmen also expressed similar apprehensions.
She was of the view that conducive political environment and level playing field would provide benefits to all the countries of the region.
Regarding subsidising of energy and the agricultural sector of India, Sapna said India was working on privatisation of its energy sector, while the agricultural sector would also not remain untaxed for a long period.
Sri Lankan diplomat Ms Manel de Silva, while expressing his views, said the optimism that Safta would benefit the countries of the region, adding when they were signing the Free Trade Agreement (FTA) with India Chambers of Commerce and the businessmen in India had expressed various apprehensions.
However, the same was resolved in an amicable way, she said, adding that Safta should be enforced, and later on, it could be fine-tuned according to the requirements of the members.
Manel de Silva said that political will was there, and it could help benefit to all the countries of the region.
LCCI chief Mian Anjum Nisar said, keeping in view the fact, that Pakistan and India, being signatories to WTO and Safta, the opening up of the Saarc market is now necessary exercise.
He said in this scenario, most important point to be noted is that a balanced rather a cautious approach needed to be adopted at the early stages to begin with, adding the basic outline of that cautious approach should be a better usage of the Safta statutory drafts to safeguard the legitimate interests of the local industries in smaller economies.
Anjum Nisar said the implementation of these safeguard tools would allow much-needed breathing space to tune up their long-term response.
In this context, it is important for protected industries of the Saarc economies to realise that this process would be a temporary phase, which would ultimately expose their weaknesses, if any, to stronger competitors in the region with the passage of protection period, he added.
Punjab governor's Advisor Irfan Ahmad, in his speech, said that Safta would provide opportunities of growth, and it had been estimated that bilateral trade between India and Pakistan would reach $12 billion as a result of it.
He said besides delivering economic good, such economic agreement also ensures peace, adding the government would be launching a series of initiatives to remove the apprehensions and fears of the industry people.
NTC Director Khizar Hayat, in his presentation, said that necessary legal framework was available in shape of anti-dumping, counter-vailing and safeguarding measures under the WTO regime, adding the same would be applied under Safta for protecting the local industry.
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