Kathmandu, Dec. 15
Past President of the Federation of
Nepalese Chambers of Commerce and Industry (FNCCI), and hospitality
entrepreneur, Bhawani Rana, has called the regional business leaders, at the
Purvodaya Conference in India, to promote the intra-regional trade in the South
Asian region.
"The SAARC (South Asian Association
for Regional Cooperation) is the least integrated region in the world that
conducts less than 5 per cent of the total trade within the region. Our
regional neighbour, ASEAN’s intra-regional trade volume is above 35 per cent
while that of European Union is around 60 per cent," read her speech
shared with the media.
The 2-day Purvodaya Conference that
concluded on Sunday was organised by the Ministry of External Affairs of India,
Confederation of Indian Industries and The Energy Forum to discuss the issues
of regionalism in our region which is characterised by poor integration and
poor cooperation.
Stating that the African Continental Free
Trade Area and Southern Common Market in Latin America have better policy
arrangements to promote trade and investment within their respective regions,
Rana said that now is the time to look at it with a different perspective.
"Trade barriers, inadequate
infrastructure, lack of political commitment to finding solutions, restrictive
documentation and procedures, poor connectivity, and lack of common will to
resolve the issues are the reasons behind the present ‘not-so-well’ climate of
cooperation and exchange," she said.
According to her, Nepal can benefit from
the other regional mechanisms like the BIMSTEC, Indian Ocean Rim Association
and BBIN as well.
She highlighted deep economic relations
between Nepal and India, and suggested both the countries to expand
connectivity between various cities across the border.
"Enhanced road, rail, and air links
between cities such as Biratnagar-Patna, Nepalgunj-Lucknow, and
Mahendranagar-Dehradun can create favourable environment for trade and tourism,"
said Rana.
Purvodaya is one of various initiatives
launched by India that aims to promote India's neighbourhood policy through
better regional connectivity.
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