Financial Daily from THE HINDU group of publications
Saturday, Jul 27, 2002
Financial Daily from THE HINDU group of publications Saturday, Jul 27, 2002 |
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Industry & Economy
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Foreign Trade `South Asia sub-region trade needs policy push' Our Bureau
NEW DELHI, July 26 THE gross domestic product (GDP) in the South Asian Growth Quadrangle sub-region consisting of Bangladesh, Bhutan, India and Nepal can be spurred through policy measures by the respective Governments of the partner-countries and private sector initiatives, according to Mr Dipak Chatterjee, Commerce Secretary. Speaking at the inaugural meeting of South Asia Business Forum - India chapter, organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), here today, he said that a comprehensive development plan has been put in place and working groups have been established for the five identified priority sectors viz. energy, environment, transport, tourism and trade and investment. Mr Chatterjee also launched the South Asia Business Forum Facilitation Web site, which will provide a trade enquiry database on private sector business opportunities and provide information on policies and procedures. Mr Chatterjee said that economic synergies in the region remain largely untapped. He stressed the need for a multi-pronged approach at different levels to optimise the potential, keeping in mind the political, economic and administrative issues that influence sub-regional economic co-operation. On the issue of the proliferation of informal trade in the region, Mr Chatterjee highlighted that factors contributing to informal trade also become de facto factors for low levels of official trade. He attributed the lack of trade facilitation infrastructure, transit infrastructure, transport infrastructure and trade barriers as the constraints for a weak trade linkage among countries in the grouping.
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