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Highly politicised Saarc retards regional trade

Says Karachi chamber

Star Business Report
The visiting Pakistani business leaders yesterday said South Asian Association for Regional Cooperation (Saarc) is a highly politicised forum and the bloc retards intra-regional trade.
"South Asian countries are failing to expand intra-regional trade. While European Union (EU) coun-. triestradeatound50to70percentof • their exports-among lhemselve»the Saarrcountriesiio only 5 percent," said Khalid Firoz Afreen, president of Karachi Chamber of Commerce and Industry (KCCI).
"As Saarc has become a politicised organisation, we should take steps to strengthen trade relations and utilise the opportunities," the KCCI leader said after a meeting with the Bangladesh Textile Mills Association (BTMA) leaders in Dhaka yesterday.
Arfeen is leading a high-profile KCCI business delegation in Bangladesh to discuss bilateral and regional trade and investment opportunities.
Later, the delegation also met the leaders of Bangladesh Garment Manufacturers and Exporters Association (BGMEA). The leaders of BTMA and BGMEA have agreed with the Pakistani entrepreneurs to set up apparel units in joint ventures.
At both the meetings, Pakistani entrepreneurs expressed their interest to set up joint ventures in Bangladesh.
The KCCI leaders also stressed the need for an early slgrangoffree -trade agreement (FTA) between Bangladesh and Pakistan.
If the two nations enter a free trade era, their textile and clothing industry will get a boost, they observed.
With 17 percent industrial growth at present, Pakistan produces 25 percent of the world's cotton. Besides, cotton and textile products earn 68 percent of Pakistan's export revenue, KCCI president said.
Bangladesh apparel industry is also growing fast, but it has to depend on imported cotton and
fabrics, hewenton.
"We have an advanced textile sector and you (Bangladesh) have skilled human resources. So, we can join hands and look forward to setting up joint ventures," Arfeen told.
Talking in tune with the Karachi leader, BTMA Chairman MA Awal invited the Pakistan entrepreneurs to come forward with joint venture proposals,adding that they can take die advantage of Bangladesh's free market access to the EU market under GSP (generalised system of preference) facility.
Pointing to the weak weaving sector of Bangladesh, former BTMA chairman Abdul Motin asked the delegation to invest in this sector here.
BGMEA President Annisul Huq also urged the Pakistani entrepreneurs to invest in different segments of the apparel industry such as dying and finishing.
He also stressed the need for improving the existing shipping line between ChittagongandKarachi.