Islamabad Chamber of Commerce and Industry (ICCI) urged South Asian countries on Monday to gear up efforts for creating new opportunities and promote regional trade to bring prosperity and stability in the region. "South Asian countries including Pakistan are endowed with abundance of natural and human resources. We need greater regional integration to exploit these resources for achieving better economic development in the region", Asad Farid, Acting President, ICCI made these remarks during a meeting on Monday at the Chamber House.
He was of the view that South Asian countries have an almost identical pattern of comparative advantage in a relatively narrow range of products. He proposed, "in 2012 we should move away from comparative advantage to competitive advantage based policies for strengthening economies of our region to help address the problems of poverty, unemployment and those connected with underdevelopment".
He said current level of total trade among the nations is only worth US $7 billion, whereas outside the South Asia, these countries transacted to the tune of US $350 billion with the rest of the world. He said by promoting regional integration, South Asian countries could tackle over all obstacles confronting them on way to development and fast growth. He said the region should encourage its entrepreneurs and businessmen to play a leading role in promoting economic co-operation and building a climate of mutual trust and confidence.
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