China-South Asia Trade to exceed US$ 75 billion by end of 2010
ISLAMABAD, Jun 6 (APP): Bilateral trade between China and South Asia would exceed $ 75 billion by the end of 2010 and enhanced economic cooperation between them would develop greater Asia-economically sound and politically intact.
This was stated by Tariq Sayeed, President SAARC Chamber of Commerce and Industry (SAARC CCI) at the 4th China-South Asia Business Forum.
The event “Facing Global Financial Crisis, Economic and Trade Cooperation between China and South Asian Countries” was commenced at Kunming, China, said a statement issued by SAARC CCI.
The Global financial crisis has broken the inertia of sustainable and double digit economic growth of China and many developing countries, which were heavily dependant on USA and EU countries and regarded improved regional cooperation as a remedy to such economic shocks while urging for evolving common strategy in this respect.
He said that since 2000, bilateral trade between China and South Asia has witnessed a steady growth of more than 20 percent per annum and expected trade volume to exceed $ 60 billion mark by the end of 2009.
While appreciating the economic policies of China, he said that since adoption of open policies by China in 1982, the country had made tremendous growth.
It has been successful in attracting FDI of worth $ 800 billion since then including $ 82 billion in alone 2008, which has been instrumental to designate China as the 2nd largest export with worth of $ 1.2 trillion and reducing poverty from 50 percent to 16 percent which is phenomenal.
“Developing countries need to follow Chinese Economic Model, if they want to attain sustainable growth. he added.
He said that the incumbent Government in Pakistan has embarked upon a very liberal and friendly policy towards South Asia, which will help effective implementation of SAFTA and provide China enormous opportunities in the neighboring region.
President SAARC CCI gave certain recommendations to further improve economic cooperation of China and South Asia, which included Chinese FDI in South Asian countries, transfer of technology, close relationship between business community particularly youth and frequent exchange of delegations at socio-cultural and economic level.