SAARC Chamber Saturday stressed the urgent need for fully exploiting immense trade avenues and investment potentials for economic integration in the region as South Asia holds strategic position in the world
Islamabad (Pakistan Point News / Online - 04th May, 2019) SAARC Chamber Saturday stressed the urgent need for fully exploiting immense trade avenues and investment potentials for economic integration in the region as South Asia holds strategic position in the world.According to a message received here from Kathmandu, Nepal, the leader ofPakistani delegation Iftikhar Ali Malik, currently attending SAARC CCImeeting and workshop, addressing the concluding session said SAARC membercountries must focus on removal of non-tariff barriers (NTBs) and work forenhancing B2B interaction to boost trade.
He highlighted that althoughSAARC region holds immense trade and investment potential, being home to 21percent of world's population, it still remains one of the least integratedregional blocs with intra-regional trade constituting only 5 percent of thetotal world trade, in comparison to 51 percent for NAFTA and 25 percent forASEAN.He said about 55 per cent of the total potential for intra-regional tradein South Asia has not been fully exploited yet and this can be improvedthrough shared vision about objectives, transfer of technology and exchangeof research and development. He also mentioned that SAFTA has fallen shortof expectations due to complex safeguard measures and non-tariff barriers(NTBs) among SAARC member countries.
