TEXT: On the commemoration of 38th SAARC Charter Day, I would like to extend my heartiest felicitation and greetings to the Governments, Chambers of Commerce and Industry and the peoples of SAARC member countries.

SAARC is home of one fifth of global population with GDP US$ 4.47 trillion and has its own importance due to strategic location, versatile area, large irrigated area, growing consumer market and tremendous natural resources. The foundation of SAARC was laid down in 1985 by seven countries with an objectives to promote economic growth, socio-economic development, technological advancement and regional cooperation.

Unfortunately the trade among members’ countries is still below five percent of total trade despite the fact that SAARC has materialized South Asian Preferential Trade Agreement (SAPTA) in 1994, which extended to a full-fledged Free Trade Agreement (FTA) in 2006 for free movement of people and goods and services, development of connecting physical infrastructure, harmonizing the general forms of financing, banking and foreign exchange and regional agreement for investment promotion and protection.

Being one of the important and founding member of the SAARC bloc, Pakistan play a crucial role in the economic growth and development of the region and hosts Headquarters of SAARC Chamber of Commerce and Industry, SAARC Arbitration Council, and SAARC Energy Center. The Business Community of Pakistan is very much eager and keen to organize SAARC Summit in Pakistan and initiating confidence building measures to revive all SAARC related bodies/organizations.

On the occasion of 38th Anniversary of SAARC, I would like to reiterate FPCCI (Pakistan) commitment to the vision and mission of SAARC for enhancement of economic relations, welfare and prosperity of the region. FPCCI also remains committed to jointly work with counterparts in the region within the framework of regional economic integration, where all natural and environmental resources, facilities and opportunities should be utilized for the benefit of all countries in the region.

Copyright Business Recorder, 2022