LAHORE: With the aim to boost intra-regional capital flows in South Asia, the Saarc Chamber of Commerce and Industry has urged the governments to simplifying visa regime, liberalize banking procedures and fast-track customs clearance.
Quoting global trade statistics the Saarc CCI vice president Iftikhar Malik said that volume of trade between Saarc states and the rest of the world is increasing and intra-regional trade remains far below its potential. So, it is the need for gradual reduction and eventual elimination of tariffs, para-tariffs and non-tariff barriers so as to allow freer trade amongst the Saarc states.
He said that a good starting point for this could be the simplification of procedures for the issuance of Safta Certificates of Origin. Work on the sensitive lists should be aimed at gradually phasing out these lists. We have to evolve a mechanism to incentivise formal trade among the Saarc member countries, he added.
He said that given the size of the population of Saarc countries, it is imperative that our policies promote inclusive growth as promotion of peace in the region is equally important.
