Financial Daily from THE HINDU group of publications
Wednesday, Aug 14, 2002
Financial Daily from THE HINDU group of publications Wednesday, Aug 14, 2002 |
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Industry & Economy
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Foreign Trade SABF to push for investment protection treaty Our Bureau
NEW DELHI, Aug. 13 THE South Asia Business Forum, comprising apex chambers of the South Asia sub-region and primarily a business-to-business network, has decided to work for an inter-regional investment promotion and protection treaty. It is perceived that such a treaty would help inter-regional investment in each other's country get a national treatment in the host country. SABF also intends to act as an agent of change in bringing about harmonisation of customs procedures and documentation in the South Asia Sub-Regional Economic Co-operation (SASEC) region comprising four countries - India, Nepal, Bangladesh and Bhutan. "The Forum recognises that investment has nexus to promotion of trade in the sub-region and therefore we will work towards an investment protection treaty. We want the intra-regional trade to double from the current level of $2.5 billion within the next three years," Mr R.S. Lodha, President, Federation of Indian Chambers of Commerce and Industry (FICCI), said here on Tuesday. Briefing newspersons on the deliberations of the first annual meeting of SABF, Mr Lodha said SABF would also take up the role of being a recognised body for recommending the issuance of quick visas. Asked about the political will for formation of a SASEC free trade zone, the FICCI President said that the SABF would do the groundwork for getting the heads of the Governments of the four countries together for making "facilitating announcements" that would take the SASEC initiative forward. "That is our ultimate aim," Mr Lodha said, adding that the demonstration of economic rationale (simple conclusions from empirical studies) can help change mindset of political leaders who are not convinced about the benefits of sub-regional co-operation. SABF would also work towards a regional agreement for commercial arbitration as well as quality standards.
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