Karachi: A significant development for regional trade took place with the inauguration of the SAARC Chamber of Commerce and Industry's central secretariat in Islamabad, as announced by Rafiq Suleman, spokesperson for the Businessmen Panel (BMP) South and former Chairman of the Rice Exporters Association of Pakistan (REAP).

According to SAARC Chamber of Commerce and Industry, Rafiq Suleman extended his congratulations to the leadership of the Chamber, particularly Vice President Anjum Nisar, on this milestone. The establishment of the headquarters in Pakistan is seen as a step forward in promoting regional trade, facilitating policy dialogue, and initiating research-based projects.

Suleman highlighted the limited intra-regional trade within the South Asian Association for Regional Cooperation (SAARC), which remains at approximately 5 percent. He emphasized the importance of stronger regional trade integration among South Asian countries to tap into the vast potential of the region, which hosts nearly 20 percent of the world's population.

He further noted that Pakistan's efforts to ease tensions between Iran and the United States have been recognized globally, enhancing its importance in South Asia. The new infrastructure of the SAARC Chamber is expected to support efforts to boost economic cooperation and provide a platform for a unified strategy to enhance regional trade.

Suleman compared the intra-regional trade of SAARC with other blocs, noting that it stands at around 36 percent in ASEAN and over 60 percent in the European Union. He identified structural and policy gaps as reasons for the disparity and called for coordinated efforts to address these issues.

The BMP spokesperson urged SAARC governments to prioritize economic cooperation over political differences by reducing trade barriers and improving connectivity. He also emphasized the potential for cross-border partnerships in sectors such as tourism, healthcare, pharmaceuticals, education, and agriculture.