President elect South Asian Association for Regional Co-operation (Saarc) Chamber of Commerce and Industry Tariq Sayeed has said that all out efforts would be made to accelerate the process of economic and social development among the South Asian countries.
Tariq Sayeed, a 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 01 next after 14 years in an interview with APP said that SCCI, an apex organisation of Saarc and a representative of the private sector, has been involved in creating awareness about the 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 always 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 of 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 of the world's population thus representing a large workforce and tremendous business and investment 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 that 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 percent of the total world imports and 1.2 percent of exports whereas merchandise trade has been only 27.9 percent 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 South Asian Free Trade Agreement (Safta) 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.
Vice President elect SCCI Pakistan chapter Iftikhar Ali Malik sharing his views said that it is great honour for Pakistan to head SCCI for a two year term after 14 years.
He said that private sector of Pakistan will help remove constraints of doing business, visa regime and improve communication links, transpiration of goods and infrastructure, banking facilities and insurance, customs and harmonisation of standards, non-tariff barriers on goods.