Saarc business conclave to focus on regional trade

More than 400 delegates from the seven member countries of the Saarc are expected to visit India for the Saarc business leaders conclave on November 17-18.

The issue of wider participation of the private sector for increasing intra-regional trade in South Asia is likely to dominate deliberations at the conclave.

The conclave, being organised by the Saarc Chamber of Commerce and Industry (SCCI) and the Federation of Indian Chambers of Commerce and Industry (Ficci), is expected to bring about greater synergy for economic growth in an effort to increase intra-regional trade from 4 per cent to 50 per cent of the total regional trade.

"We want to emulate the success of the Asean, Nafta and the EU as we strive to improve competitiveness vis-a-vis regional and global integration," said SCCI President Macky Hashim.

The formation of Association of South East Asian Nations saw intra-regional trade go up to 49 per cent from 7 per cent in 2003, while in the case of North American Free Trade Agreement, it increased to 44 per cent from 12 per cent. Similarly, in the European Union, intra-regional trade went up to 67 per cent from 23 per cent in the mid '80s.

The conclave will lay emphasis on the role of the private players in bringing about economic cooperation in the region.

"The main issues to be discussed include poverty alleviation, foreign direct investment, terrorism with the point of view of law and order, and core competencies of the member countries. The region as a whole has more potential for attracting FDI than as member states," Hashim said.

Extension of the South Asia Free Trade Agreement, scope in services, investment liberalisation and goods trade are expected to be some of the broader outcomes of the conclave.