COLOMBO (Sri Lanka): “Lack of political commitment and trade barriers are the major hurdles, impeding growth of intra-regional trade in South Asia” this was stated by Tariq Sayeed, President, SAARC CCI while speaking at Seminar on “Trade Facilitation: Issues and Constraints in South Asia” held here, a report said on Saturday.

He put-forth various recommendations which include recognition of mutual agreements on harmonization of standards, Regional Multimodal Transport and urged upon the SAARC countries to make compatible efforts for implementation of WTO Agreements on Customs Valuation, Import Licensing, Pre-shipment Inspection, Rules of Origin, Technical Barriers to Trade, which are the integral components of any trade facilitation regime. He stressed for the regional connectivity and removal of Non-Tariff Barriers to ensure the trade facilitation in the region.
 
Professor G.L. Peiris, Minister of International Trade and Export Development of Sri Lanka, who inaugurated the session said that Terrorism, Food security and Energy security are the major challenges faced by South Asia, which need to be addressed through pooling up resources.

The Indo-Nepal cooperation, Pak-Sri Lanka FTA and Indo-Sri Lanka FTA provide headways towards economic integration in the region. He said that Asia is the Central of Economic gravity of 21st Century and has the tremendous potential for global integration as well.

Kosala Wickramanaeky, President, Federation of Chambers of Commerce & Industry said that SAARC Countries should synergies efforts to face common problems and to introduce a new system to promote trade facilitation in the region.

Nawaz Rajabdeen, Vice President, SAARC CCI (Sri Lanka) said that trade facilitation was essential for South Asia and without improvement of proper infrastructure, trade facilitation mechanism will not be workable which will make business transactions efficient.