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SAARC to be zero duty region



Tariq Sayeed. Picture by Saliya Rupasinghe

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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