Need for economic growth stressed:

FCCISL to minimise barriers for export to SAARC countries

The Secretariat dealing with SAARC Chamber of Commerce and Industry (SCCI) - The Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) are calling on all those who have encountered any difficult experiences specially those who have encountered such experiences while dealing with exports, trade and industry with SAARC countries.

This is to minimise barriers for export to SAARC countries as well as to clear the barriers for travel etc among SAARC countries.

Director, SAARC and International Affairs, FCCISL Hildon U. Hamangoda, said according to data they have compiled trade among SAARC countries is less than five percent of the total trade of the region with the rest of the world. But other regional blocs are showing much bigger volumes of intra-regional trade.

For instance the North America Free Trade Agreement intra-regional trade is over 50% and ASEAN countries have over 20% trade among its member countries. The Intra-SAARC trade is dismally low as compared to other regions. The trade and economic activity needs to be increased.

He said that 14 percent of the world’s population live in the SAARC Region and SAFTA, the world’s largest Free Trade area also lies in this region.

Unfortunately intra-trade among SAARC countries is only five percent, while this figure in the NAFTA, North America Free Trade Agreement is over 50 percent and in ASEAN countries it has grown to over 20 per cent.

Hamangoda said, keeping in view the current state of trade in SAARC member countries, SCCI has decided to identify specific obstacles which are holding back and restricting trade among SAARC countries in bilateral as well as regional trade e.g. “restrictions in the cross-border movement of goods, lack of infrastructure, non-acceptability of standards and certifications regime etc”.