Integration of SAARC and ASEAN to further enhance Asian Economic growth: VP CACCI
Technologically advanced ASEAN nations can help improve economic performance of South Asian countries and integration of SAARC economies with ASEAN could further enhance Asian Economic growth, said Tariq Sayeed, Vice President of the Confederation of Asian Pacific Chambers of Commerce and Industry during a session "Sub-regional representatives discussion at 8th Asian Pacific Business Forum.
According to a press release issued here today, Sayeed said that the economy of Asia comprises more than 4 billion people, (60%)of the world population, living in 46 different states and with GDP of $ 24 trillion was the largest contributor (33%) of the global economy. "Amongst the top five economies of the World, three nations China and Japan, India belong to Asia and the region as a whole contributed more than 50% to the global trade" said Sayeed and added that Asia over the past two decades had witnessed marvellous growth accompanied by the emergence of a sizable middle class and a significant reduction in poverty. He felt pity that due to political mayhem, typical mindset, incompatible infrastructure, in ward looking policies, red-tapism and cumbersome policies and procedures, the share of South Asia in Global economy and trade was insignificantly less than 2%, which was far below the potential available. He said that South Asia must learn from the success stories of other regional groupings and exhibit greater political will to unleash its economic potential.
As a respondent at the session: Can Asia and Pacific lead Global Business" Akbar Khan, Vice President FPCCI referred statistical data and said that the region was already the leader of Global economy, which now needed to stay competitive and achieve sustainable growth in longer run.
While chairing the session " Iqbal Tabish, the Secretary General of SAARC CCI said that Asia, Pacific and South Asia need to focus on "Look East" policy to yield maximum benefits of integrated Asia. The countries need to share their experience to enhance productivity and competitiveness of their products in Global Market.
The session was addressed by Iwan Jaya Azis, Head, Office of Regional Economic Integration, Asian Development Bank, Chandran Nair, Founder and Chief Executive, Global Institute for Tomorrow, Noriyuki Suzuki, Senior Principal Consultant, Daiwa Institute of Research Ltd, James R. F. Shipton, Managing Director, Goldman Sachs (Asia) L.L.C., Yuen Pau Woo, President and CEO, Asia Pacific Foundation of Canada and Coordinator, State of the Region Report, PECC.
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