‘Fourfold increase in intra-Saarc trade possible’

ISLAMABAD: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has said that trade between Saarc nations is $28 billion, which can be increased to $112 billion annually, a statement said.

Twenty-five percent trade of the Southeast Asian nations is within Asean region, while almost 95 percent trade of Saarc nations is with the countries outside the grouping, which is unfortunate, said Abdul Rauf Alam, president of the FPCCI.

He said that politics dominate everything as Saarc countries are not encouraging trade and investment within the region, while preferring trade through third countries, which has resulted in increased cost of doing business and widespread poverty.

Alam said that once the Subcontinent was richest place on earth because of free trade, but now, the region with 45 percent youth among 1.7 billion population, is one of the most underdeveloped areas.

Trade within Saarc countries costs 85 percent more than the trade between Asean nations, which can be increased 250 percent immediately if sensitive lists are revisited.

Indian companies have invested $75 billion in other countries, but its share in Saarc is negligible, while the attitude of other countries is not different, he said.

He said that easing trade and visa restrictions, encouraging people-to-people contact and promoting tourism, health and education can bring countries together, which can result in a change that will benefit poor and the whole world.