'Need to improve trade among SAARC countries'

Due to the regulatory issues and absence of conducive business environment, the foreign direct investment among the South Asian Association for Regional Cooperation (SAARC) countries is minuscule, said vice president Hamid Ansari.

He emphasised on intra-regional trade among the SAARC members. He was addressing half a dozen Indian ambassadors to various countries and diplomats from Afro-Asian countries at the International Relations Conference held at Symbiosis International University on Saturday.

He said the immobility and insufficient trade among the SAARC countries is turning out to be the biggest challenge in the development of these countries. “The South Asian economies are not integrated despite potential benefits from culture, social and religious affinity,” he said.

He said that intra-regional trade has stopped at 5.76 per cent of its total trade, compared to 61.83 per cent in the European Union, citing United Nations figures on the bad performance of the countries.

Offering a solution, he said a collective and cooperative effort can overcome the challenges. Giving solutions for better trade among the countries, he said there should be a freer movement of people, services, goods and ideas.