The Hindu : Business News : Ease barriers to unlock South Asian potential: FICCI
South Asian countries, including India, should reduce visa restrictions, non-tariff barriers like product quotas and improving customs procedures to boost private sector-led growth and unlock the regions vast economic potential, says a study.
The region has a potential market of 1.5 billion people, the report prepared by FICCI and Asian Development Bank (ADB) said here, adding South Asia has the potential to be an economic power by 2025.
Private sector-led growth can give a major fillip and unlock the region vast economic potential if SAARC member nations initiate steps like reducing visa restrictions and non-tariff barriers, and improving customs procedures, the report said.
Intra-regional trade remains modest compared to other parts of the world, it said, adding numerous impediments prevent the private sector from taking a bigger economic role.
The report also suggested that cutting non-physical barriers to trade and improving the climate for investment across borders will encourage greater private sector activity and strengthening regional integration.
The South Asian Association for Regional Cooperation (SAARC) members are India, Bangladesh, Bhutan, the Maldives, Nepal, Pakistan, Sri Lanka and Afghanistan.
The two-way trade between India and other South Asian nations was a meagre USD 10.3 billion in 2008-09.
South Asian countries, including India, should reduce visa restrictions, non-tariff barriers like product quotas and improving customs procedures to boost private sector-led growth and unlock the regions vast economic potential, says a study.
The region has a potential market of 1.5 billion people, the report prepared by FICCI and Asian Development Bank (ADB) said here, adding South Asia has the potential to be an economic power by 2025.
Private sector-led growth can give a major fillip and unlock the region vast economic potential if SAARC member nations initiate steps like reducing visa restrictions and non-tariff barriers, and improving customs procedures, the report said.
Intra-regional trade remains modest compared to other parts of the world, it said, adding numerous impediments prevent the private sector from taking a bigger economic role.
The report also suggested that cutting non-physical barriers to trade and improving the climate for investment across borders will encourage greater private sector activity and strengthening regional integration.
The South Asian Association for Regional Cooperation (SAARC) members are India, Bangladesh, Bhutan, the Maldives, Nepal, Pakistan, Sri Lanka and Afghanistan.
The two-way trade between India and other South Asian nations was a meagre USD 10.3 billion in 2008-09.