SAARC trade much below potential: PM

Dhaka, Nov 10 — Prime minister Sheikh Hasina has emphasised on increased trade in South Asia region as the current amount of trade is way below its potential.

Addressing the 17th SAARC Summit, the southern Maldivian atoll of Addu on Thursday, she said the non-LDC members of SAARC should take initiatives for robust efforts in this regard.

"Although trade in goods under the South Asian Free Trade Association (SAFTA) has crossed the billion-dollar mark, it is way below its potential.

"A faster, synchronised opening of each others' markets, and reduction in trade and non-tariff barriers will be in the long-term benefit of our economies," Hasina said.

She said that the theme of the summit is 'Building Bridges'. "Economic integration through trade is a vital element for long-term process, and more needs to be done in this regard."

She also stressed on physical connectivity for intra-SAARC and wider regional trade and movement of goods.

"Bangladesh has been hoping since the last summit to see finalisation of the SAARC Regional Railways Agreement, as a first step. We would request all members to do the needful so that the railways agreement concludes at the earliest," Hasina said.

She pointed out that economies have been affected by the global financial crisis and said Bangladesh's successes in tackling the depression could be enhanced through better regional cooperation.

The prime minister said the South Asian countries placed considerable emphasis on addressing climate change issues during the 16th Summit.

"We now need to operationalise the Convention on Cooperation on Environment, and the four specific initiatives – on South Asian Monsoon, Mountain, Marine and Coastal Zones."

The prime minister also said the countries need to cooperate and exert combined efforts to eliminate poverty and terrorism, 'two most dangerous malaises we face in South Asia'.

WATER SHARING

Hasina said the countries 'critically' need to collaborate further on the management of water resources of common rivers in the eastern Himalayan region.

"While Bangladesh is actively engaged in a bilateral negotiation, we would propose institutional cooperation of co-riparians of the Ganges and the Brahmaputra river basins.

"This, we believe, would facilitate integrated development and management of water resources of the respective basins, which, among others, would nourish agriculture and consequently benefit more than a billion people in the region," she added.

bdnews24.com