No #7

The Financial Daily - - SPORTS & CONTINUATIONS -

huge po­ten­tial to pro­mote in­tra-re­gional trade. He said many re­gional blocks strength­ened economies and im­proved liv­ing stan­dards of their peo­ple by pro­mot­ing in­tra-re­gional trade, but Saarc was still least in­te­grated re­gion in the world. He said Euro­pean Union was hav­ing 66 per­cent in­tra-re­gion trade, North Amer­ica 53 per­cent, Asia Pa­cific 32 per­cent and South East Asian re­gion 25 per­cent, but in­tra-trade in Saarc was still hov­er­ing around just 4-5 per­cent de­spite pos­sess­ing im­mense po­ten­tial to im­prove it.

He said about 43 per­cent of the 1.6 bil­lion pop­u­la­tion of Saarc coun­tries was lan­guish­ing in poverty as these coun­tries were un­able to take bet­ter ini­tia­tives to pro­mote re­gional trade. The re­sult was that the to­tal GDP of Saarc mem­ber states was still only 3 per­cent of the world's to­tal GDP.

ICCI Act­ing Pres­i­dent urged that Saarc na­tions should take all pos­si­ble mea­sures to fully im­ple­ment South Asian Free Trade Agree­ment (SAFTA) to en­hance in­tra-trade trade. For this pur­pose, they should de­velop ad­e­quate phys­i­cal in­fra­struc­ture, lib­er­al­ize visa regimes and en­able their pri­vate sec­tors to tap full trade po­ten­tial of the Saarc re­gion with the aim of up­lift­ing bil­lions of poor peo­ple out of poverty.-Agen­cies

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.