Hasina for inclusive trade regime among C'wealth states

LONDON, Apr 18 (UNB): Prime Minister Sheikh Hasina advocated on Wednesday for open, transparent and inclusive trade regime among Commonwealth states to tap the potentials of 60 per cent young population of the countries.

"Sixty percent of the Commonwealth population is under the age of 30. Our people are our biggest assets. The Association must be able to tap the huge pool of talents to drive intra-Commonwealth trade, investment and creative energy. For that we must pursue the objectives of increasing growth and creating jobs…we should ensure that the trade regime remains open, rules-based, transparent, inclusive and fair," she said.

The Prime Minister said this while addressing an event of the Commonwealth Business Forum at Guild Hall here.

The event titled 'Asian Leaders Roundtable: Can Asia Keep Growing?' was moderated by Standard Chartered India CEO Zarin Daruwala.

Sheikh Hasina said now Intra-Commonwealth trade is estimated to stand at little more than US dollar 600 billion. The 53 Commonwealth members account for 16 per cent of the world's Gross Domestic Product (GDP), whereas 28 countries of the European Union account for 19 per cent of the global GDP.

Between 2013 and 2015, Commonwealth countries grew at a combined rate of 4.1 per cent of GDP, compared to 1.8 per cent in the EU and 2.6 per cent in the United States, she mentioned.

"More importantly, the Commonwealth has a population of over 2.0 billion people, four times the population of the EU. These figures tell us the huge potential to boost intra-Commonwealth trade and investment," Hasina said.

For leveraging commonalities, she placed some proposals for the member states to promote intra-Commonwealth trade, investment and innovation.

She proposed ensuing common investment policies, guidelines, and strategies, including diaspora investment opportunities, achieving improved trade logistics and facilitation measures and minimising non-tariff barriers - PTA and FTA on building block basis, as well as conducting study and need assessment of member states in terms of sectoral and industrial potentials and productivity.

The Prime Minister also proposed ensuring liberal regime for trade in services and open market for services benefiting individual professionals, and easy movement of bonafide business people under well vetted schemes and visa liberalisation for certain public and private categories.

The other proposals included taking infrastructure and connectivity projects, and creation of a fund for development, research and development (R&D), technology transfer, capacity building and support for institutions and centres of excellence, including in the SME and blue economy sectors.