LAHORE: SAARC Chamber of Commerce and Industry former president Iftikhar Ali Malik on Tuesday welcomed the recent understanding between Pakistan and Bangladesh to revive the South Asian Association for Regional Cooperation (SAARC), calling it a major breakthrough that could significantly boost regional trade and cooperation.
In a statement, he expressed satisfaction that both countries, during their “meaningful and result-oriented” meetings in Bangladesh, had agreed to move forward in reinvigorating the SAARC forum. Highlighting Pakistan’s contribution to the organization, he recalled that Pakistan donated prime commercial land in Islamabad for the construction of the SAARC Chamber headquarters, a nine-story state-of-the-art building completed under his supervision as Chairman of the Construction Committee.
Pakistani industrialists, he added, bore more than 80 percent of the total cost.
He termed it a “good omen” that leaders of Pakistan and Bangladesh had not only discussed strengthening bilateral ties but also emphasized revitalizing regional cooperation through SAARC. “This development will help restore mutual trust among member states and pave the way for greater regional trade and economic integration, which is the real essence of SAARC’s founding charter,” he noted.
He stressed that Pakistan and Bangladesh are two important countries in South Asia with immense trade potential, and their reconciliation would send a positive message to other member states. He pointed out that South Asia, despite being home to one-fourth of the world’s population, lags behind in regional trade compared to blocs like ASEAN and the European Union.
He expressed hope that the revival of SAARC would contribute to shared prosperity, poverty alleviation, and industrial growth across the region, while urging the private sectors of both countries to exploit untapped trade potential. Iftikhar Ali Malik underlined that peace, harmony, and political stability are essential for stronger economic cooperation. –Agencies
