The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Friday said that trade between the South Asian Association for Regional Cooperation (SAARC) nations is $28 billion which can be increased to $112 billion annually which will result in increased prosperity.
The share of trade of the Southeast Asian nations within the Association of Southeast Asian Nations (ASEAN) region is about 25 per cent while almost 95 per cent trade of SAARC nations is with the countries outside the grouping which is unfortunate, said FPCCI President Abdul Rauf Alam.
He said that politics dominates everything as SAARC countries are not encouraging trade and investment within the region while preferring trade through third countries which has resulted in increased cost of doing business and widespread poverty.
Alam said that once the sub-continent was the richest place on earth because of free trade but now, the region with 45 per cent youth among 1.7 billion population, is one of the most underdeveloped areas.
He said that the trade within the SAARC countries costs 85 per cent more than the trade between the ASEAN nations which can be increased 250 per cent immediately if sensitive lists are revisited.
Indian companies have invested $75 billion in other countries but its share in SAARC is negligible while the attitude of other countries is not different, he said.
He said that easing trade and visa restrictions, encouraging people-to-people contact and promoting tourism, health and education can bring countries together which can result in a change that will benefit the poor throughout the world.