PESHAWAR: The Khyber Pakhtunkhwa (KP) business community has asked the government to sign the Free Trade Agreement (FTA) with SAARC countries and simplify the regulations for promoting regional trade.
The demand was made during SARCO [SAARC Arbitration Council] Director General, Helal Chaudhry visit to the Sarhad Chamber of Commerce and Industry (SCCI) on Wednesday. “There is dire to promote economic, trade and social integration between SAARC [South Asian Association for Regional Cooperation] nations,” The SCCI president Hasnain Khurshid Ahmad said. He lauded the role of SARCO in resolution of disputes related to trade and commercial.
The SCCI president urged SARCO to play its effective role in signing of FTAs, relaxation in relevant rules/regulations, promotion of barter trade between SAARC countries and introduction of single country currency of South Asian nations.
Helal Chaudhry, while speaking on the occasion, said that the SAARC Arbitration Council has played a role in resolution of disputes related to trade and commercial by 60 to 65% while the rest of 30-35% resolved through courts. Chaudhry informed that SARCO in Pakistan had been established in 2011. He said the last summit of SAARC countries was held in 2014, during which proposals were presented regarding signing of FTAs, promotion of barter trade and introduction of single country currency, and formed a committee in this regard.
On the occasion, Hasnain Khurshid mentioned that the Dispute Resolution Council (DRC), supervised by the police department has played an important role in the resolution of local disputes and issues of the business community. He informed the representation to the business community, private sector, legal experts that the DRCs. The SCCI chief asked the SARCO to take prompt measures for promotion of barter trade between SAARC countries and effective role in resolution of issues related to trade and commercial.