Trade in services under Safta to double intra-regional trade in SAsia

KARACHI - Inclusion of services under SAFTA will help foster the economic integration process in South Asia
and may double the current level of intra-regional trade in SAARC if implemented in true spirit.
SAARC CCI Vice President Iftikhar Ali Malik said this while addressing a Roundtable on SAFTA: Prospects
and Opportunities for Trade in Services, according to a message received here on Friday.
The roundtable was organised by SAARC Chamber of Commerce & Industry in collaboration with Bhutan
Chamber of Commerce & Industry supported by Friedrich Naumann Stiftung at Thimphu-Bhutan.
Malik said that services are key inputs to all or most of other key businesses in South Asia such as infrastructure
services, energy, telecommunications and transportation, Tourism and financial services.
South Asian investment climate and can have a much wider impact on overall business performance and the
level of investment, and hence propel more growth and productivity in the regional economy. He was of the
opinion that cooperation in Services Sector was equally beneficial to smaller economies. He urged upon the
respective Government of the SAARC to endorse Agreement on investment promotion and protection and ratify
trade in Services under SAFTA. The roundtable was inaugurated by Bhutan Economic Minister Lyonpo Khandu
Wangchuk, who urged upon the Private Sector of the South Asia to get enormous benefits under SAFTA through
enhanced economic cooperation.
He was of the opinion that the current changes in the global economic system assume the greater role of Private
Sector and its inclusion in policy formulation process by the respective Governments.
SAARC CCI Secretary General Muhammad Iqbal Tabish, in his introductory remarks highlighted the importance
of trade in services under SAFTA and urged upon the respective Govt to involve Private Sector in the
pre-implementation phase of agree on Trade in Services under SAFTA. He said that to promote greater
cooperation in services movement of the natural person under GATS mode 4 was essential; however, in the
absence of liberal Visa Policy regime in the region the dream of greater cooperation in South Asia was not
possible.
Earlier Phub Tschering, Secretary General, BCCI while delivering welcome address thanked the SAARC CCI
for choosing Bhutan as the venue of the event. Subodh Kumar, Executive Programs FNSt in his address
presented the liberal perspective of economic cooperation and noted that pace of economic cooperation was
quite sluggish. He asserted the need for adopting more liberal policies supplementing efforts of the Private
Sector in the process of economic integration of the region.
Bap Kinga, Vice President SAARC CCI (Bhutan) offered vote of thanks and hoped that input provided by the
speakers and presenters would help formulating policy suggestions of behalf of the Private Sector for onward
submission to SAARC Secretariat before draft of the agreement on Trade in Services under SAFTA is finalised.
Mrs. Ayesah Zaheer, Chairperson SAARC Council for Women Entrepreneurs actively participated in the
session and suggested for promoting entertainment industry as soft part of services. The Pakistan delegation
led by Iftikhar Ali Malik also comprised Shah Rukh Malik, CFA, Guard group and Maimoona Malik.