Dar asks South Asian countries to boost regional trade

KARACHI: Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar has termed trade restrictions a major issue of South Asia stating that South Asian countries conduct only 5 per cent of their trade within the region.

He was speaking on Friday at the South Asian Federation of Accountants (SAFA) conference organised by the Institute of Chartered Accountants of Pakistan (ICAP) under the title, ‘South Asia’s Economic Outlook: Challenges and Opportunities’.

He said the real impediment to growth in South Asia was the fact that it was one of the least integrated regions in terms of trade.

He remarked that despite being home to nearly 25 per cent of the world’s population, regional trade in South Asia remained less than 5 per cent of the total trade volume.

Dar said Pakistan had embarked on a journey of reforms and transformation to stabilise its economy and foster sustainable growth.

“We are focused on creating an ecosystem that supports investment, promotes exports, and harnesses the potential of our human capital. Our Strategic Trade Policy Framework, energy diversification initiatives and digital transformation agenda are just a few examples of our commitment to building a resilient economy,” he said, adding that the government recognised the need for addressing trade barriers, both related to and not related to tariff, to unlock its export potential.

Dar was of the view that Pakistan’s economy like many others in the region had been facing formidable challenges including global economic uncertainties and impact of climate change. “Yet it is also a moment of opportunity he remarked,” he said.

The deputy prime minister asserted that in today’s world, governance and policy reforms were no longer optional but imperative.” For Pakistan, this means addressing structural bottlenecks, strengthening institutions and ensuring transparency and accountability at every level,” he remarked.