Regional economic integration is a concept that cannot be ignored by the South Asian economies in this era of globalisation. Given the importance of the South Asian Free Trade Agreement (Safta) and regional integration for the South Asian economies, a two-day roundtable, entitled 'Safta.
An Enabler of South Asian Regional Integration', is being organised by the Saarc Chamber of Commerce and Industry (SCCI) in Bhurban on April 17-18, 2007. This event holds immense importance, considering the emphasis given to strengthening regional co-operation in the 14 th Saarc Summit held earlier this month in New Delhi.
Ms Manel De Silva, Director General, Commerce in the Department of Commerce in Sri Lanka, presented the keynote address on Tuesday session and said that for Safta to become a mutually beneficial regional arrangement, it should be a mechanism equipped with wherewithal to deliver a free trade agreement in plus benefits to the member countries. "If not, it will remain only a superfluous appendage".
Fazal Mekan, Minister (Trade) High Commissioner for Pakistan in India, said: "The region needs to move forward with Safta by giving priority to Safta, achieving political harmony in the region, expediting talks on harmonisation of customs and simplifying trade regulatory mechanisms."
Dr Mahendra Lama, Professor at the Jawaharlal Nehru University, India, also presented his views on Safta from Indian perspective. He emphasised the need to change the mindsets of the people in the region, which is also an impediment to trade. He said that the role of the media was extremely crucial in changing the mindset of people, and a collective effort has to be made by the entire region, including the private and public sectors for Safta to be successful.
The roundtable on Tuesday conducted sessions on economic evaluation of Safta, roadblocks to Safta, and the impact of regional and bilateral trade agreements on Safta.
The South Asian business community has great hopes from Safta, which is still in its nascent stage and requires the mutual support and efforts of the governments and the private sector for making this significant initiative a success. With the implementation of Safta, it is estimated that the current level of intra-regional trade will rise from $6 billion to $14 billion. Safta will enhance regional integration which can go a long way towards developing market synergies, improving business linkages, contributing to sustainable economic growth, eradicating poverty and balancing the regional demand and supply in various sectors of South Asia.
The sessions on Day Two will include regional market synergies, building partnerships through trade and moving forward with Safta. Eminent leaders from the private sector and public sector, including Satyabrata Pal, Indian High Commissioner to Pakistan, Parthibhai G Bhatol, Chairman of Gujarat Cooperative Milk Marketing Federation, India, Dr Tariq Hassan, a former chairman of SECP, Pakistan, and Arshad Zuberi, Deputy Chief Executive, Business Recorder, Pakistan, will present their views.
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