Bangladesh (Commonwealth Union)_ Dr AK Abdul Momen, the Foreign Minister of Bangladesh, expressed the country’s readiness to forge closer cooperation with the SAARC (South Asian Association for Regional Cooperation) countries in order to uplift the socio-economic conditions of the people in the region. Dr Momen emphasized Bangladesh’s commitment to ensuring collective peace, progress, and prosperity in the region. He made these remarks as the chief guest during the Handover-Takeover ceremony of the Presidency of the SAARC Chamber of Commerce and Industry, held in an esteemed city hotel.
Dr Momen highlighted Bangladesh’s proactive approach towards fostering trust and friendship with neighboring and regional nations for the betterment of the people in the area. He further stressed that Bangladesh places utmost importance on the principles and objectives of SAARC. According to him, South Asia is one of the fastest-growing regions globally, accommodating approximately 24 percent of the world’s population and boasting a vast market of around 1.92 billion individuals.
However, the foreign minister expressed concern over the unsatisfactory level of trade and economic cooperation among SAARC member states, which currently stands at a mere five percent of the total formal trade. He urged concerted efforts to increase trade volumes among member states, emphasizing the ample room for expansion. He said, “Unfortunately, trade and economic cooperation among the members of SAARC are hardly satisfactory – hovering around only five percent of the total formal trade”.
In pursuit of greater economic integration within the region, Dr Momen called for concrete and result-oriented efforts to enhance intra-regional trade. He cited the signing of the SAFTA (South Asian Free Trade Area) Agreement in 2006 as a significant milestone for SAARC and stressed the need to expedite its implementation in order to realize the ultimate goal of establishing a South Asian Economic Union (SAEU). The foreign minister also emphasized that, as the top body of all the National Federations of Chambers of Commerce and Industry of SAARC Member States, the SAARC Chamber of Commerce and Industry should play a pivotal role in driving this process forward.
