Despite immense potential, intra-regional trade among South Asian Association for Regional Cooperation (SAARC) nations remains limited to a mere 5%, far below other global blocs, underscoring an urgent call for greater economic integration, a prominent business leader asserted today following the inauguration of the SAARC Chamber of Commerce and Industry’s new headquarters in Pakistan.
According to a report today, Rafiq Suleman, Spokesperson for the Businessmen Panel (BMP) South and former Chairman of the Rice Exporters Association of Pakistan (REAP), extended congratulations to the SAARC Chamber of Commerce and Industry (SCCI) leadership, notably Vice President Anjum Nisar, on the completion and inauguration of its Islamabad headquarters. He described the establishment of the SAARC Chamber”s central secretariat in Pakistan as a vital and beneficial development for advancing regional commerce. The newly inaugurated facility is set to foster trade, facilitate policy dialogue, and drive research-based initiatives.
Mr. Suleman highlighted the imperative for stronger commercial integration across South Asian countries, pointing out that despite vast opportunities, intra-regional trade within SAARC does not exceed 5 percent.
He expressed optimism that Pakistan”s ongoing and globally recognised diplomatic efforts to de-escalate tensions between Iran and the United States have elevated its standing within South Asia. In this context, he noted, the new infrastructure of the SAARC Chamber is poised to support efforts in boosting economic cooperation and creating a unified strategy to promote cross-border trade.
The BMP spokesperson underscored that South Asia, home to nearly 20 percent of the global population, possesses a significant consumer base and production capacity, yet remains one of the world”s least economically integrated regions. He stressed that effectively stimulating trade among SAARC member states could substantially enhance their economic indicators and reduce reliance on markets outside the region.
Drawing comparisons with other economic blocs, Suleman observed that intra-regional trade stands at approximately 36 percent in ASEAN and surpasses 60 percent within the European Union, starkly contrasting with SAARC’s roughly 5 percent. This disparity, he articulated, indicates fundamental structural and policy deficiencies that necessitate coordinated resolution.
Rafiq Suleman urged the governments of SAARC countries to transcend minor political disagreements and concentrate on economic collaboration. This can be achieved through reducing trade barriers, improving connectivity, and harmonising regulations. He also advocated for increased cooperation in sectors such as tourism, healthcare, pharmaceuticals, education, and agriculture, areas he believes hold substantial promise for cross-border partnerships.