The South Asian Association for Regional Co-operation (Saarc) Chamber of Commerce and Industry (CCI)'s new executive body for the term 2012-13 are determined to promote trade among the 8-member Saarc countries, the third term Vice-President from Pakistan Chapter Iftikhar Ali Malik told Business Recorder here on Monday.
The new executive body headed by Sardar Vikramjit Singh Sahani of India takes over SAARC CCI on 31st December 2011 after conclusion of the current term of presidency of Annisul Huq from Bangladesh. The SAARC countries Pakistan, India, Bangladesh, Bhutan the Maldives, Nepal, Sri Lanka and Afghanistan with a population of over 1.70 billion people is one of the most densely populated region of the world.
Malik said that the new body will play an active role for co-operation in 16 areas including agriculture and rural, biotechnology, culture, energy, environment, economy and trade, finance, funding mechanism, human resource development, poverty alleviation, people to people contact, security aspects, social development, science and technology; communications, tourism/health tourism and infrastructure.
Malik hoped that enhanced co-operation in promoting trade, peace, people to people contact, development of infrastructure and mutual economic dependence will surely contribute to political stability in the regions, Governments of the member countries must utilise the SAARC Chambers' Forum to develop cordial relations among the member states and solve their bilateral political, territorial and water-related disputes, he added.
Up beat Malik thanking the business community for imposing confidence in his leadership for the third consecutive term said it would be his priority to complete construction of the SAARC CCI Headquarters in Islamabad for which land has been acquired and strengthen Pakistan's special and cordial relations with all SAARC countries to boost economic and trade activities in the region. Pakistan has already given the status of "Most Favoured Nation" (MFN) to India paving the way for quantum jump in bilateral trade between the two neighbouring countries which is only 5 percent of Pakistan's total trade.
He said he would impress upon the Indian business community for removal of non-tariff barriers such as cumbersome approval procedure for exports from Pakistan to create a healthy environment for bilateral trade and economic engagement The benefits from easier trading relations are considerable for both countries as the recent studies estimate that trade volume could be more than a $12 billion if formal and informal tariff barriers were lifted.
Malik said liberal visa regime, signing of investment promotion, protection agreements and allowing banks to open branches in each other's countries were some of the measures that should be urgently taken to facilitate business and trading communities of the two countries.
Malik regretted that informal trade, including third country trade between India and Pakistan is three times more than the formal trade as exporters are forced to route the bulk of trade via a third party such as Dubai, raising business costs, slowing deliveries and inflating prices.
Meanwhile SAARC CCI Pakistan Chapter Secretary-General Muhammad Iqbal Tabish said here on Monday that other members elected from Pakistan on executive committee of SAARC CCI for the term 2012-13 are Eng. M.A. Jabbar, S. M. Naseer, Shahzada Alam, Saifuddin N. Zoonkawala, Muhammad Adnan Jalil, Mian Mahmood Ahmad, Akber Khan, Haroon Rashid, Shaheen Sarwana, Muhammad Mansha Churra and Fazal Elahi.
He said FPCCI has also forwarded nomination on General Assembly of SAARC CCI of Kanwar Kutubuddin, Shakeel Dinghra, Waseemur Rehman, Shahzad A. Malik, Begum Salma Ahmad, Khuram Sayeed, Tahir A. Schon, Ghulam Farooque, Zahid Hussain, Zahid Maqbool and Shahid-ur-Rehman.
It may be added that all chambers/federations of SAARC 8-nation members are authorised to send 12 nominations of EC and 11 on General Assembly. Annual General Meeting and handover/take-over ceremony will be held in New Delhi in the 3rd week of January 2012.
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