President-elect South Asian Association for Regional Co-operation (Saarc) Chamber of Commerce and Industry Tariq Sayeed said that all out effort would be made to accelerate the process of economic and social development among the South Asian countries.
Tariq Sayeed former President Federation of Pakistan Chambers of Commerce and Industry and Patron-in-Chief of Pak-China Business Council who will head the SCCI from January 1 next after 14 years in an interview with APP on Thursday said that SCCI, an apex organisation of SAARC and a representative of the private sector has been involved in creating awareness about regional integration through various activities in the region and beyond.
He said SCCI remained committed to playing a pivotal role in deepening and widening economic and regional co-operation under SAARC. SCCI has also supported the government-industry partnership and remained engaged in dialogue with governments of the SAARC region.
Vice President elect SCCI, Pakistan chapter Iftikhar Ali Malik who is also founder President Pak-US Business Council and former President FPCCI and LCCI was also present on the occasion.
Tariq Sayeed said that SCCI was established in 1985 with a main agenda to promote regional and economic co-operation in South Asia, however political tensions and development constraints that the region has faced over the years has played a decelerating role in economic integration of South Asia.
Unfolding the statistic figures, he said as a region, South Asia houses 1.4 billion world's population thus representing a large workforce and tremendous business andinvestment opportunities. In addition, this area is rich in natural resources, which if properly used can lead to South Asia becoming a hub of business activities.
He said however,the intra-regional trade figures for South are disappointing. He said according to the world development indicators, trade in the region constitutes only 1.4 per cent of the total world imports and 1.2 per cent of exports whereas merchandise trade has been only 27.9 per cent of GDP, the lowest in the world.
Tariq Sayeed said that although South Asia has significantly reduced import tariffs, the cost of trading across its borders is one of the highest in the world. A number of non-tariff barriers have been identified which hamper trade and increase cost.
About SAFTA (South Asian Free Trade Agreement) will also made more effective to revive economic co-operation for free trade in the region.He said that SAFTA has to be implemented in letter and spirit for South Asia to become an integrated and strong bloc.He said all out efforts will be made that SAFTA to help build confidence among the business communities of both Pakistan and India,the two largest economies in the region.
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