Sharma for greater economic integration of South Asia

The visiting Indian Commerce and Industry Minister Anand Sharma Saturday said regional economic integration would usher in new opportunities for the South Asian nations. He made the remarks at a luncheon meet organised by the country's apex chamber, the Federation of Bangladesh chambers of Commerce and Industry (FBCCI) at a city hotel. "I see bright prospect of the economic integration of South Asia. Larger economic integration of the region including Bangladesh and other SAARC countries will explore new potentials," Sharma said. The minister said regional trade among the eight members of South Asian Association for Regional Cooperation (SAARC) has yet to achieve desired level although intra-trade among the ASEAN nations has risen to 60 per cent He said opening of Indo-Bangla border market in June this year would boost trade for both sides. "The infrastructure of such haat (market) is being built." Sharma said India has sought to use Bangladesh's two seaports of Chittagong and Mongla and would pay charges in line with established international norms for the facility. "It'll unleash immense potentials for both nations", he said, adding New Delhi has already sent modalities to Dhaka as to how it wants to use the facilities. Finance minister AMA Muhith, commerce minister Muhammed Faruk Khan, food and disaster minister Dr Abdur Razzaque, high commissioner of India in Bangladesh Rajeet Mitter were present in the luncheon meet. FBCCI president AK Azad urged the Indian minister to allow Bangladeshi services sector to have access to India on a reciprocal basis, saying the move would benefits businesses on either side. He also sought duty free, quota free market access to all products exported from Bangladesh to India under the proposed Bangladesh-India Free Trade Agreement, which is expected to be signed within years. Azad urged the governments of Bangladesh, Bhutan, India and Nepal to launch serious talks on regional energy cooperation to meet growing into power and energy demand of the region. He said FBCCI has endorsed the recently signed Kunming agreement in which Bangladesh, China and Myanmar agreed to increase their trade and investment and connectivity by jointly taking up development projects. The chamber chief said: "We solicit your efforts to treat Bangladeshi goods to receive the 'National Treatment' in your country that the Indian products enjoy." Addressing the meet, Federation of Indian Chambers of Commerce and Industry (FICCI) president Harsh C Mariwala said South Asia now extends from Kabul to Yangon and nations in the region must strive for a unified and integrated economic entity where trade and investment flows seamlessly. He said before the Indian subcontinent was portioned in 1947 the eastern part of this region including Assam and some north-east Indian states used to enjoy the highest per capita incomes in whole of South Asia. "We have to recreate the same environment again," Mariwala, also chairman of consumer goods firm Marico, said, adding the pre-partition prosperity in N-E India was largely due to unrestricted use of Chittagong Port.