Pakistan can benefit from US $ 3 trillion ASEAN economy in partnership with China: SAARC-CCI chief

Islamabad: Pakistan can benefit from US $ 3 trillion Associations of South East Asian Nations (ASEAN) economy in partnership with China, President South Asian Association for Regional Cooperation (SAARC) Chamber of Commerce and Industry (CCI) Iftikhar Ali Malik said.

Speaking to Pakistan origin traders’ delegation from Vietnam led by engineer Ahmad Muzammil Qamar Kamboh, Malik urged for boosting bilateral trade and further cementing economic ties.

“China has US $600 billion in trade with ASEAN countries. Similarly China and ASEAN countries have a Free Trade Agreement (FTA) with Pakistan from which both sides can benefit,” he maintained.

He added that ASEAN was a very effective trading block of the world have signed the FTAs with China, Japan, Australia and New Zealand from which all the regional countries were benefiting.

He stressed that with ASEAN’s US $ 3 trillion economic power and a large market of 650 million people in the region, the mutual US $ 7 billion trade between ASEAN and Pakistan was far below its potential.

“Pakistan is a huge market with a population of 230 million where there are huge opportunities for ASEAN countries as well,” he elaborated.

Regarding multilateral trade in ASEAN and Pakistan’s trade interests with this trading bloc, Vietnam being its important member, can also play its role in paying the way for trade with Pakistan, he opined.

Malik reminded that Pakistan has GSP (Generalised Scheme of Preference) plus agreement with European countries and FTA with other countries both sides can promote bilateral trade.

Iftikhar Ali Malik, who is also chairman United business Group in the federation of Pakistan chamber of commerce and industry, informed that his group recently held a result oriented forum in Islamabad with ASEAN countries which was participated by Vietnam Ambassador Nguyen Tien Phong, Ambassador of Thailand Chakkrid Kravhaiwing and Malaysian Acting Ambassador.

Leader of the delegation Engineer Ahmad Muzzamil Qamar Kamboh speaking on the occasion said strenuous efforts must be made to further swell the trade volume between two countries through FTA.

He remarked that the main reason for the decline in bilateral trade volume between both countries was lack of mutual awareness between either sides which needed to be improved in the future.