ISLAMABAD: The South Asian Association for Regional Cooperation (SAARC) Chamber of Commerce and Industry has said the intra-trade among the bloc’s member nations remains in the low range of just 5% of the total trade of the region laying emphasis on exploring the vast untapped trade potential in the region.
It is worth mentioning that trade in The North American Free Trade Agreement (NAFTA) region is over 40%, 68% in the European Union (EU), and 27% in the Association of Southeast Asian Nations (ASEAN).
The SAARC CCI delegation, led by its President Md. Jashim Uddin is currently on a visit to Pakistan from Bangladesh with an aim to revitalize the regional trade body.
Md. Jashim Uddin on Saturday held a meeting with SAARC CCI Vice President Mian Anjum Nisar during which the shared goals and mutual interests were discussed.
The visiting delegation reaffirmed the commitment to advancing trade, cultural exchanges, and connectivity among the regional countries.
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Md. Jashim Uddin during the meeting observed that South Asia with its diversified resources and skilled workforce has tremendous potential to be the fastest-growing exporting region in the world.
He noted that regional associations like the EU, ASEAN, and NAFTA are thriving and reaping significant regional benefits, but it remains unfortunate that SAARC has not been fully utilized by us so far.
Speaking at the meeting, SCCI Vice President Mian Anjum Nisar emphasised the need to learn from the successes of other regional agreements. He urged that the experiences of regional identity and solidarity be harnessed to drive SAARC towards new achievements and greater progress.
Experts say that priority should be given to enhancing cooperation in high-growth sectors such as information technology, manufacturing, energy, tourism, and agribusiness, focusing on achieving tangible results.
It is pertinent to mention that the region has huge potential in the areas of tourism, agriculture, fisheries, industries, human development, and many more.
Analysts say there is a need to explore connectivity possibilities at the government level and find solutions to unify all exhibitors from South Asian countries onto a single platform. South Asia is one of the fastest-growing regions globally with immense potential.
The SAARC’s share of global exports is 1.9%, while ASEAN holds an 8% share. From 2019 to 2023, SAARC’s total exports grew by 24%, reaching $462 billion, while ASEAN countries saw a 52% increase, reaching $2 trillion.
According to a World Bank report, regional trade has the potential to create numerous jobs and drive prosperity in the country if trade barriers within South Asia are removed.
