The Saarc Chamber of Commerce and Industry (Saarc CCI) has hailed the recent ministerial talks between India and Pakistan and has termed it as the commencement of a new era based on sincerity and mutual goodwill, which would mostly benefit the entire South Asian region.
The incumbent President Annisul Haq has welcomed the outcome of the Ministerial dialogue between Pakistan Commerce Minister Makhdoom Amin Fahim and his Indian counterpart Anand Sharma and has hoped for continuation of series of dialogue between two major economies of South Asia, which is earnestly required for smooth and effective implementation of SAFTA.
"It is heartening that ministers have mandated the Commerce Secretaries to cooperate in achieving highly ambitious preferential trade relations under the framework of South Asian Free Trade Agreement that would further boost intra-regional trade, which has been insignificant $1.25 billion under SAFTA Rule of origin while agreement to enhance bilateral trade to $6 billion would over improve the intra-regional trade, which remains only 5.8 percent.
Iftikhar Ali Malik, Vice President Saarc CCI (Pakistan Chapter) that the signing of MoU at Ministerial level will not only help in normalisation of bilateral relations but also lead to resolution of such issues, which have been hampering the socio-economic growth of the region. He said the decision of easing business visas is a welcome initiative and added that it would give tremendous boost to bilateral economic co-operation.
Vikramjit Singh Sahney, Senior Vice President Saarc CCI from India said that by supporting Pakistan's EU waiver package in WTO, India has expressed good gesture, which need to be reciprocated by Pakistan in a meaningful manner. He appreciated the consideration of Pakistan for granting MFN status to India and hoped that it would soon materialise stating that it would help in achieving the envisaged bilateral trade target of $6 billion within timeframe of three years.
Tariq Sayeed, immediate former President, Saarc CCI said that for deepening of bilateral economic relations, the agreement on high level was earnestly required. While appreciating the signing of MoU, he said that it was the high time that both the nations need to burry their political difference and exhibit greater political will to transform South Asia into a vibrant region by following the example of Germany and France in EU.
Iqbal Tabish, Secretary General, Saarc CCI said that the recent economic dialogue would pave the way for resolution of other issues, which have been negatively affecting the growth of the whole region. "Based of ITC trade statistics, the perceived potential of bilateral trade was $10 billion as compared to the current volume of $2.7 billion, which shows that both countries could avail only 28 percent of the existing potential.