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| Friday, 10 September 2004 |
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Regional co-operation vital to face challenges of globalisation - Macky Hashim President of the SAARC Chamber of Commerce and Industry (SCCI), Macky Hashim told the SAARC Economic Co-operation Conference in New Delhi recently that in a globalised world it is vital to ensure the welfare of the people in the region for which the government and the private sector need to work in a strategic partnership to promote economic growth that is socially responsible and environmentally sustainable. He said "we have to take effective steps to remove the barriers taking into consideration other vital aspects involved and on the other hand strengthen the existing infrastructure facilities for smooth and easy trade and commercial activities so as to realise the goal of the SAARC in the best interest of our people. We lag behind other nations and regions in terms of intra and inter regional cooperation. This is clearly undermining our economic growth and development as well as our ability to effectively fight poverty and socio-economic equities. Union Minister of State for Commerce and Industry E. V. K. S. Elangovan said that the South Asian Association for Regional Co-operation (SAARC) must transform itself from an organisation sponsored by governments to one that is "energised by the people". He said, "our approach to our neighbours on economic matters has evolved considerably. I consider the India-Sri Lanka Free Trade Agreement (FTA) as a landmark in the historic ties between the two nations, which is leading to stronger ties between our people in all spheres. We are committed to closer economic ties with Sri Lanka and both sides are keen to engage in wider economic co-operation to include trade in services and investment beyond the FTA in goods. "I am confident that the implementation of SAFTA in the true spirit will also benefit the entire region and will result in increased trade and investment flows among the SAARC member countries." Former Prime Minister of India I. K. Gujral in his keynote address said that the canvas of our economic co-operation was now wide ranging. Today, trade liberalisation alone is not sufficient for expansion of trade and investment. Countries of the region are required to liberalise at least 25 per cent of trade each year to usher in a free trade area in South Asia in this decade, Gujral said. |
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