A two-member Asian Development Bank (ADB) Fact-Finding Mission on Friday called on LCCI President Sohail Lashari and discussed in detail the trade and transport constraints in Central Asia Regional Economic Co-operation (CAREC) countries. The ADB Mission comprising Adrian Sammons and Aamer Ali discussed the matter with Lashari to identify impediments to trade flows between Pakistan and other CAREC countries.
The Central Asia Regional Economic Co-operation programme is a partnership of 10 countries (Afghanistan, Azerbaijan, Kazakhstan, Kyrgyz Republic, Mongolia, Pakistan, People's Republic of China, Tajikistan, Turkmenistan and Uzbekistan), supported by six multilateral institutions, working together to promote development through co-operation, leading to accelerated growth and poverty reduction. Adrian Sammons informed the LCCI President that the ADB report on transport constraints in CAREC countries would be presented to the government by the end of May 2014.
He said ongoing globalisation has imposed challenges on the Central Asia Regional Economic Co-operation countries because of current transport and trade constraints. Thus, a transport facilitation strategy was critical to sustain economic prosperity in this region. He said the report being prepared by the Asian Development Bank would be highlighting all the constraints coming in the way of trade facilitation as the process of consultation initiated by the Bank would help bring to the limelight all the challenges.
Adrian Sammons said that the Mission held a number of meetings with the stakeholders working with the Central Asian Estates. Speaking on the occasion, LCCI President Sohail Lashari told the ADB Mission that all the CAREC countries have huge potential to emerge as a centre of trade and commerce, achieve higher levels of economic growth, and reduce poverty.
He said that Central Asian states and Afghanistan are natural trading partners of Pakistan due to its geographic and strategic location, therefore, the government should ensure Pakistani entrepreneurs to penetrate to these markets. He invited the ADB Mission to give attention towards the absence of banking channels in the Central Asian Estates. He said that since the liquidity was transfer to central the all types of business activities stopped, therefore, the trade among these countries could not flourish unless and until a true banking mechanism be developed.
He said Lahore chamber believes that the government of Pakistan should think twice before granting transit trade facility to India as far as land-locked Central Asian Estates are concerned. He said it was an open secret that the Indian government has always created undue hurdles whenever Pakistani entrepreneurs tried to do business with Saarc countries. Lashari said that as the present government is focusing on economy, therefore, it is hoped that the trade facilities at all borders would also improve in the coming months.