LAHORE: SAARC CCI Vice President Iftikhar Ali Malik Wednesday said in the prevailing global economic scenario, it is need of the hour that SAARC member states should craft new self-regulating trade strategies to withstand the shocks in a wake of the trade war ensued between the United States and China that could badly hit gowth in the region.
Talking to a delegation of traders from Nepal here today, he said the brewing trade war between the US and China has raised concerns about potential fallout for South Asian and East Asia’s economies, many of which count China as their main trading partner. “This kind of practice or policy, which is bad for both sides, is not going to serve their interests, or the world economy,” adding he said the US and
China should seek a resolution to their trade disputes through the World Trade Organization. “Harmful restrictions could follow with regard to flows of people, investment, aid and information. Cooperation on international rules and institutions could be set back. Such a scenario must not be allowed to unfold,” he added.
He said that both Pakistan and India needed to take more steps to remove Non-Tariff Barriers that were a major impediment to bilateral trade relations. He said that at present, over $5 billion worth trade is being conducted through other countries.
