South Asian countries including Pakistan are endowed with abundance of natural and human resources. We need greater regional integration to exploit these resources for achieving better economic development in the region.

South Asian countries should gear up their efforts for creating new economic opportunities and should also promote regional trade which would bring prosperity and stability in the region. Asad Farid, Acting President, Islamabad Chamber of Commerce & Industry (ICCI) has made these remarks during a meeting at Chamber House.

He was of the view that the South Asian countries have an almost identical pattern of comparative advantage in a relatively narrow range of products. He proposed that in 2012 we should move away from comparative advantage to competitive advantage based policies for strengthening economies of our region which would also be helpful in addressing the problems of poverty, unemployment and many other problems connected with underdevelopment.

ICCI Acting President said that the current level of total trade transacted among the South Asian nations within the region was only worth US$7 billion, whereas outside the South Asia, these countries transacted to the tune of US$350 billion with the rest of the world. He said by promoting regional integration, the South Asian countries could tackle over all obstacles coming in way of their development and fast growth.

He said that South Asia should encourage its entrepreneurs and businessmen to play a leading role in promoting economic cooperation and building a climate of mutual trust and confidence.

Asad Farid urged the Government to prepare a plan of action that could help in realizing the objective of enhancing Pak-Saarc cooperation in 2012. He said that trade barriers should also need to be addressed on priority basis which would give South Asian counties greater chances not only to benefit from free trade but also help in maintaining regional stability.