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Commerce minister stresses enhanced economic integration in South Asia

Tofail Ahmed addresses a meeting of Saarc Chamber in New Delhi

Pallab Bhattacharya, New Delhi
Describing the economic integration of South Asian countries as slow, Bangladesh yesterday pitched for transit and transshipment through all modes of transport and cut in non-tariff barriers to promote cross-border trade.
Commerce Minister Tofail Ahmed said economic integration in South Asia can be further enhanced through various trade liberalising measures, such as facilitation of cross-border trade, facilitation of transit and transshipment and deepening the trade agreements and economic initiatives.
He was addressing the meeting of the Saarc Chamber of Commerce and Industry in New Delhi.
" Increased transit and transshipment activity throughout the Saarc (South Asian Association for Regional Economic Cooperation) region through all modes of transports, road, rail and river could be another important means of enhancing integration in the region," he said.
Bangladesh believes such activity will enhance trade connectivity in South Asia, the minister said who arrived there from Dhaka yesterday.
"There is an increased expectation that regional trade agreements or economic initiatives, such as South Asian Free Trade Area (Safta), will make a number of important contributions, including reducing tariff, enhancing customs cooperation, facilitating connectivity and creating scopes for elimination or reduction ofnon-tariffbarriers."
"Any efforts on the part of the governments of the South Asian countries towards facilitation of cross-border trade with other regional and sub-regional countries will contribute to a great extent
in furthering regional trade integration."
Major trade facilitation issues are the improvement of infrastructure, including warehousing facilities at land customs stations, reduction of numerous non-tariff measures most of which relate to standards and testing requirements and the development of integrated cross-border management across the region, he said.
"Bangladesh believes that no nation can prosper alone or in isolation. They need to constantly interact with others for trade and other multifarious purposes," the minister said.
"The immense opportunity that Saarc offers for trade generation through economic cooperation among the eight countries makes it an important platform for its members to achieve prosperity and to maintain sustained growth"
He said Bangladesh, therefore,
gives high priority on fostering greater economic integration in Saarc region through generating trade opportunities among the mem ber cou ntr ies.
"Bangladesh believes that such integration with other South Asian countries will help Bangladesh move towards achieving its goal of becoming a middle income country by 2021."
Although several initiatives have been taken over the years to enhance the integration process under the umbrella of Saarc, trade integration in the region has remained slow and it still trails such growth in other regions.
For example, intra-Saarc trade share increased from 2.7 percent of its trade with the world in 1990 to 4.3 percent in 2011.
On the other hand, intra-Asean, intra-Nafta and intra-European Union trade has seen manifold increase over the same period,