Traders' body hails en­ergy pact among SAARC mem­bers

The Financial Daily - - SPORTS & CONTINUATIONS -

ISLAMABAD: Islamabad Cham­ber of Com­merce & In­dus­try has wel­comed the sign­ing of an agree­ment among Saarc mem­ber coun­tries to al­low the cross-bor­der en­ergy trade and termed it a pos­i­tive de­vel­op­ment that would prove ben­e­fi­cial for the power-starved coun­tries of the re­gion in­clud­ing Pak­istan.

M. Sha­keel Mu­nir, Act­ing Pres­i­dent, Islamabad Cham­ber of Com­merce & In­dus­try said that South Asia was en­ergy de­fi­cient re­gion and en­hanc­ing en­ergy co­op­er­a­tion among Saarc coun­tries was a healthy move as it would al­low power sup­ply from sur­plus coun­tries to de­fi­cient coun­tries and con­trib­ute pos­i­tively to pro­mot­ing in­tra-re­gional trade as well.

He said that rising en­ergy cri­sis in South Asian coun­tries have re­sulted into se­ri­ous im­pli­ca­tions for their economies in­clud­ing slow­ing down of eco­nomic de­vel­op­ment, hurt­ing in­dus­trial pro­duc­tiv­ity, in­creas­ing in­fla­tion, deep­en­ing poverty and caus­ing so­cial in­sta­bil­ity in the re­gion. Thus it was the need of the hour that South Asian coun­tries should take ini­tia­tives to com­ple­ment each other in en­ergy sup­ply.

He also stressed upon the SAARC coun­tries to fo­cus on en­hanc­ing re­gional in­te­gra­tion as they have

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