- Senator Dar points out intra-regional trade, suggests more of trade liberalisation under SAFTA
Federal Minister for Finance and Economic Affairs Senator Muhammad Ishaq Dar participated in the 11th informal meeting of the finance ministers of the South Asian Association for Regional Cooperation (SAARC) on the sidelines of the Asian Development Bank (ADB) conference here on Friday.
Speaking at the meeting, Senator Dar expressed confidence that SAARC would make progress towards realising true potential and regular meetings of economic leaders which would help enhance economic cooperation among member states for the promotion of trade and improving quality of life of the people who accounted for 1/5th of the world’s population.
He emphasised that intra-regional trade was far below its potential and there was need to expedite the process of the trade liberalisation programme under the SAARC South Asian Free Trade Area (SAFTA). Senator Dar also highlighted the positive economic indicators including growth in the GDP and substantial decrease in the fiscal deficit.
Due to economic stability, Pakistan was said to be all set to join G-20 (Group of Twenty) in 2030, he told the gathering. The G20 is an international forum for the governments and central bank governors from 20 major economies. In 1999, it was founded with the aim of studying, reviewing, and promoting high-level discussion of policy issues pertaining to the promotion of international financial stability.
Also, Senator Dar met German delegation, headed by parliamentary state secretary Hans Joahan Fuchtel and appreciated Germany’s continuing cooperation with Pakistan dating back to 1961, encompassing energy, health, education, governance, sustainable development and micro-finance sectors.
The finance minister emphasised that given the excellent investment opportunities in Pakistan, Germany might like to explore more investment avenues. Futchel expressed the hope that mutual cooperation between the two countries would further enhance. He also invited Pakistan to join Asia Pacific Climate Fund along with offer of assistance in climate risk insurance to Pakistan.
Separately, Afghan Deputy Finance Minister Mustafa Mastoor called on Senator Dar on the sidelines of the ADB conference. Matters of mutual interest were discussed during the meeting. Mastoor requested for expediting progress on development projects, undertaken in Afghanistan with the help and assistance of Pakistan.
He acknowledged that the recent visit of a high-level delegation, headed by National Assembly Speaker Ayaz Sadiq was a welcome step to further strengthen bilateral relations between the two countries. Senator Dar stated that both the brotherly countries need more interaction to further enhance bilateral trade and business-to-business exchange of visits. He mentioned that Pakistan-Afghan JEC shall be held later this year.
