China, South Asian states’ trade ties vital for global economy

ISLAMABAD, June 06, 2011 (PPI): China and South Asian countries can bring about visible change in the global economy through promotion of cross-border trade and mutual trust and seize enormous untapped opportunities.

This was stated by D.M. Jayarathne, Prime Minister of Sri Lanka during his keynote address to the 6th China-South Asia Business Forum jointly organized by China Council for Promotion of International Trade (CCPIT) and SAARC Chamber of Commerce & Industry in Kunming city of Yunnan Province of the Peoples Republic of China, says a press release received here on Monday.

The Sri Lankan premier accentuated the need for exchange of cooperation in Science and Technology, Energy, Agro-business and Tourism sector and sought Chinese Investment in South Asian countries to create better complementarities. The session was moderated by Rashid Bathiuddin, Minister for Industries and Commerce, Sri Lanka and addressed by business leaders from China and South Asia.

On behalf of the business community of South Asia, Immediate Past President of SAARC CCI, Tariq Sayeed addressed the Forum and proposed 10-point agenda for augmenting economic cooperation between China and South Asia. He regarded China’s economic development as one of the wonders of 21st century and perceived that China shall soon become the global economic leader.

While appreciating the role of China-South Asia Business Forum, he said that since its establishment on 2005, the trade volume between China and South Asia has improved from $ 25 billion to $ 80 billion in 2010 and hoped that by year 2015, the volume will likely to cross $ 125 billion while referring the commitment of Heads of the Governments of China and India who have envisaged bilateral trade target of $ 100 billion by 2015.

Vice Chairman, CCPIT Wang Jinzhen, said that since the opening of economy, China has been able to achieve high growth level and despite global financial crisis managed to attain double digit growth and overall witnessed 11.2% GDP growth for last one decade.

He said that the objective of the creation of the CSABF and organizing of South Asian Commodity Fair as a regular annual feature is to provide South Asian countries to make niche in China, which despite being the largest export nation, was the 2nd largest import destination of the World.

Akber Khan, Vice President FPCCI represented the Private Sector of Pakistan and highlighted the areas of cooperation between China and Pakistan. He sought FDI and relocation of labour intensive and value-added Chinese manufacturing units in Pakistan, which could help bridge huge trade deficit faced by Pakistan.

The inaugural session of the Forum was also addressed by Bai Enpei, Secretary of Yunnan Committee of Chinese Communist Party, Wu Hailong, Assistant Minister of Ministry of Foreign Affairs of China, Tariq Puri, Chief Executive of TDAP, Dr. Mohammad Sharif Sariff, Deputy Minister of Commerce & Industry of Afghanistan and I.M. Pandey, Counsel General of India Consulate General in Guanghzhou.

The Forum was followed by two sessions. The First session How to expand the trade, innovate commercial policies and create a favourable environment for cooperation on a wider scale on trade and investment was moderated by Macky Hashim, former President SAARC CCI (Sri Lankan) and the second session How to promote investment and facilitate cooperation in Energy, Agriculture, Infrastructure Development and Tourism was moderated by Iqbal Tabish, Secretary General of SAARC CCI.

The sessions were addressed by prominent business figures from South Asia including President, Bhutan CCI, First Vice President, Federation of Bangladesh CCI and Ambassador of Bangladesh. Consul General of Pakistan and Commercial Counselor in Chedgdu and diplomatic corps of all eight South Asian Nations and more than 300 businessmen attended the Forum.