South Asia needs to take advantage of its geographical proximity and build new partnership in services which will not only foster the process of regional integration but also help Saarc to achieve the objectives for which it was created.
According to a message received here on Thursday from Bhutan, addressing the roundtable on Safta 'Prospects and Opportunities for Trade in Services' held on June 24 at Thimphu, Bhutan, the leader of Pak traders delegation VP Saarc CCI (SCCI), Pakistan Chapter, Iftikhar Ali Malik said that inclusion of services sector will greatly uplift the socio-economic level of the region particularly, through enhanced investment in education and health sectors in South Asian countries.
He said that the collaborative partnership in areas such as finance and banking, insurance, information technology and tourism would help promote greater co-operation in the region. He said most effective strategies are integration of SCCI through enhanced regional co-operation.
He stressed the urgent need for greater political and economic stability in the region to transform this desire into a reality. Regional co-operation through well-developed infrastructure comprising construction of ports, highways, transportation, communication, energy links and above all co-operation in services not only ensures sustainable economic growth, but also safeguards the region from international economic shocks besides fostering the process of regional economic integration.
Iftikhar Ali Malik said that services contribute 52 per cent of the world economy and similar trend has been witnessed in south Asian economies. He said that South Asia is the fastest growing region in the exports of services. He urged the business community of South Asia for maximisation of their efforts to tap tremendous opportunities in the areas of services.
The roundtable was organised by Saarc Chamber of Commerce and Industry (Saarc CCI) in collaboration with the Bhutan Chamber of Commerce and Industry (BCCI). It aimed at identifying the constraints of trade liberalisation in South Asia, creating awareness about the need and advantages under trade in Services.
It brought together academic experts, business professionals, members of Saarc CCI with expertise and vast knowledge of Safta from all Saarc countries to share views and take part in the open discussions with the other participants about the technical and practical aspects of the Safta agreement.
The inputs gathered from the discussions will be passed on to the Saarc Secretariat for policy implementation. The event was inaugurated by Lyonpo Khandu Wangchuk, Minister for Economic Affairs, Royal Government of Bhutan and followed by two technical sessions addressing the themes of quantification of benefits from co-operation in Services Under Safta and Services and Growth: Scope of Integration for Small Economies.