SAARC to be zero duty region
Hiran H. Senewiratne
Tariq Sayeed. Picture by Saliya Rupasinghe
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The SAARC Chamber of Commerce and Industry, is planning to promote
Foreign Direct Investments (FDI) within the SAARC region as well as
globally to boost trade activities in the region, its President, Tariq
Sayeed said.
Speaking to the ‘Daily News Business’ he said that trade in Asian
region starting from Japan up to Pakistan including China, have jumped
to US $ one Trillion from US $550 million since 1951.
However in the SAARC region its FDI is not developed to such a level.
As a move towards establishing zero duty in the region including
Afghanistan they have signed a South Asian Free Trade Agreement by 2016
in the region.
Sayeed said that when the SAFTA was signed in 2006 it was initially
focusing on trade and it is now extended to the service sector including
banking, finance, shipping, aviation, insurance, tourism, agriculture.
Sayeed said that during the two-year tenure of his office as the
SAARC Chamber President they are initiating joint venture treaties and
investment treaties within the region.
“This would enable to increase export investments considerably to
increase the production”. SAARC is the biggest region in the world,
which comprises 25 per cent of the world’s population.
“Therefore, there are a plethora of opportunities for the trade and
other business activities not only within the region but also globally
as well.
Therefore observer members of the region are USA, European Union,
Japan, China and South Korea”, he added.
He said that to promote investments within the region and globe to
promote international trade they are planning to organise international
exhibitions, which showcase all products.
Threfore,it will pave the way to promote trade and investment not
only in the region but also globally.
Sayeed said that, the Federation of Chamber of Commerce and Industry
of Sri Lanka (FCCISL) was adjudged the best business chamber in the
world by the World Chamber.
“Therefore, FCCISL is one of the active chambers in the region,” he
said.
FCCISL President, Nawaz Rajabdeen said that SAARC Chamber is a major
driving force to promote trade and investment in the region.
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