Call For Devising Strategy To Promote Intra SAARC Trade

Lahore Chamber of Commerce and Industry (LCCI) President Kashif Anwar said on Saturday that a comprehensive strategy should be evolved to remove the obstacles hindering intra SAARC (South Asian Association for Regional Cooperation) trade

LAHORE, (UrduPoint / Pakistan Point News - 27th May, 2023 ) :Lahore Chamber of Commerce and Industry (LCCI) President Kashif Anwar said on Saturday that a comprehensive strategy should be evolved to remove the obstacles hindering intra SAARC (South Asian Association for Regional Cooperation) trade.

He expressed these views while presenting the address of welcome for SAARC Chamber of Commerce and Industry Vice President Mian Anjum Nisar here at the LCCI, while Senior Vice President Zafar Mahmood Chaudhry and Vice President Adnan Khalid Butt also expressed their views. Muhammad Ali Mian, Irfan Iqbal Sheikh, Fahim-ur-Rehman Saigol, Khawaja Shahzeb Akram, Tahir Manzoor Chaudhry and LCCI Executive Committee Members were present.

Kashif Anwar said that SAARC outgoing President Iftikhar Ali Malik rendered matchless services for the cause of business community, trade and industry in SAARC countries. He hoped that the new management of SAARC would follow his footprint that grow the trade and economic relations of SAARC states.

Kashif Anwar greeted Mian Anjum Nisar for being elected as Vice President of SAARC Chamber of Commerce and Industry. He hoped that Mian Anjum Nisar would play his role in creating an atmosphere of trust among the member countries. He said that SAARC share in global exports was 1.9 percent as compared to ASEAN's 8 percent. From 2017 to 2022, SAARC's total exports increased by 26 percent from $372 billion to $468 billion, while ASEAN countries' total exports increased by 54 percent from $1.

3 trillion to $2 trillion.

He said, "If we want to highlight the importance of SAARC region, we have to remove the obstacles in the way of obtaining visas for the general public, especially businessmen, in addition to easy transportation of goods, investment and services in our respective countries." On this occasion, Mian Anjum Nisar said that the lack of banking connectivity among SAARC member states was a major hurdle which was stopping the potential trade to reach its intended heights. He added that Pakistan would have to control the issues of rupee devaluation, inflation and cost of doing business to ensure a mentionable share in intra SAARC trade. He said that rupee devaluation had increased in Pakistan external debts manifold.

He said, "We need to enhance our productivity and also have to indigenize our raw materials to bring down the cost of doing business."Kashif Anwar also stressed the need for improving connectivity among SAARC countries not only through railway and road corridors, but also through ports, shipping and aviation which would facilitate and increase mutual connectivity. He said that there was also a great need for the creation of a Regional Energy Market, which included SAARC Power Grid and trading of electricity and other energy sources such as oil and gas and especially renewable energy technologies through the SAARC Market.