Experts and business leaders on Wednesday underscored the need for “effective cooperation” among South Asian Association for Regional Cooperation (SAARC) countries for harnessing regional strengths overcoming all challenges including political dispute and climate change.
They made the remarks at programme titled, "Harnessing Regional Strengths: Importance of SAARC for South Asia's Growth," organised by South Asian Association for Regional Cooperation (SAARC) Chamber of Commerce & Industry (CCI) in collaboration with FBCCI and partnership with Friedrich Naumann Foundation for Freedom at a city hotel of Dhaka.
The participants urged member countries of SAARC to take necessary steps for easing VISA process, utilizing manpower amply, and cordially focusing on cross-border connectivity, energy, transport and ICT to take untapped opportunities.
Speaking there, Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) president Md. Jashim Uddin said the SAARC has low intra-regional trade of 5 per cent which means there is still vast untapped potential. It is more important than ever we must recognize the significance of using our regional strengths and working together towards a common vision in a rapidly changing world.
He added that the private sector holds the key to unlocking this opportunity by venturing into new markets, diversifying product portfolios, nurturing cross-border business collaborations, and removing trade barriers including NTBs. Setting up B2B mutual trade Facilitation committee of the SAARC Chamber of Commerce and Industry may be established for support.
“South Asia has a unique opportunity to position itself as a major player in the global trade and investment arena. The region is also blessed with immense resources, a young and talented workforce, and a growing consumer market. By rethinking our regional integration strategies, we can leverage our relationship to new heights,” he also said.
He continued that SAARC CCI needs to activate its working groups and strengthen its capacity to in driving business conducive initiatives including transport and logistics infrastructure, / harmonizing trade procedures, / promoting digital connectivity, / regional supply chains and private service sector collaborations including tourism.
Jahsim, also new president of SCCI, said that considering the close ties between Bangladesh and India for the geographical position, the two countries have huge potential to grow business. We call upon both the Governments of Bangladesh and India to enable an extension of LDC treatment to Bangladesh even after its graduation in 2026 up to the enforcement BD-India CEPA.
“Strengthening mutual institutional coordination of trade support agencies, /harmonizing mutual trade rules, / complimentary infrastructure development initiatives, / regional energy resources/ for mutual benefit are the key to sustainable and incremental development of trade and economy of the two countries,” he mentioned.
“The private sector is keen to explore business collaborations in manufacturing, agro-processing, industrial machinery, clean energy, ICT, and FMCG among others with value chain linkages and market prospects,” he also said.
Former President of SAARC CCI (Sri Lanka) Ruwan Ediringehe said that SAARC nations have all 4M (Manpower, Market, Money and Materials), we are yet to utilize it.
“SCCI has deliberately failed from last decade to pressurize their national chamber to enhance trade between the region. We need to take necessary actions to minimize those barriers,” he also said.
Vice President of SAARC CCI (from Pakistan) Anjum Nisar said that Other regional associations like EU, ASEAN, NAFTA are doing very good and they are getting regional benefit but it’s still unfortunate for us, that we couldn’t utilize SAARC till now. We have huge potential in the area of tourism, agriculture, fisheries, industries, human development and many more. It’s time we push the govt. of each country to seize the untapped opportunity in this region.
Deputy Head and Senior Economic Affairs Officer at UN ESCAP South and South-West Asia Office Dr. Rajan Sudesh Ratna as the guest speaker said there is immense scope for increasing intra-regional trade.
“We need an effective cooperation among the member countries to take opportunities,” he also said.
Chairman of the Policy Exchange of Bangladesh Dr M Masrur Reaz moderated the function while Former Cabinet Minister of the Government of Maldives Mariyam Shakeela, Former President of SAARC CCI (Sri Lanka) Ruwan Ediringehe, Vice President of SAARC CCI (Nepal), and Past President of the Federation of Nepal Chamber of Commerce & Industry (FNCCI) Chandi Raj Dhakal, Vice President of India -Bangladesh Chamber of Commerce & Industry (IBCCI) Sanjay Basu, EC Member of Afghanistan Chamber of Commerce & Industry Janaqa Siddiqui and others business leaders also spoke there.
