Higher cost of business has made it difficult for the South Asian nations to take economic benefit, according to SAARC commerce ministers.
Due to
higher cost of business the region failed to take advantage from its energy,
tourism and historical heritages, they said during the 5th Business
Conclave of the ministers in New Delhi.
The region
that houses one third of world population, has the lowest intra-regional trade,
they said, adding that the unity and trust among the SAARC nations is a must to
take maximum benefit from the natural resources of the region.
Nepal as a
landlocked nation has a constraints in transportation, said commerce minister
Shankar Prasad Koirala, on the occasion. "The access to market through
easier movement is key to trade facilitation of Nepal," he said, adding
that Nepal offers a huge potential of energy that is plaguing the region.
"Nepal's energy potential has to be exploited fully to solve the regional
energy crisis."
Nepal is
working jointly with India to develop cross-border transmission line to
increase the energy trade between the two South Asian neighbours, he added.
"The WTO meeting in Bali will also help Least Developed Countries (LDCs)
to simplify agriculture and trade," Koirala said.
Integration
of the region through trade could help us take benefit, said Indian commerce
minister Ananda Sharma, on the occasion. "The European nations despite
their difference in language and culture, has been united to develop the region
economically, he said, adding that the South Asian nations also have to learn
from them. "South Asia attracts less than five per cent of the tourists
visiting Singapore and Malaysia, which calls for joint efforts among Nepal,
India and Bhutan to develop a new strategy to develop tourism apart from a new
transit route to China that could help boost the regional trade."
Likewise, the commerce
ministers from Pakistan, Maldives, Sri Lanka and Bhutan, on the occasion called
for prioritising the agenda for regional development, and economic prosperity
of the people of the region by identifying the competent sectors."
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