Daily Times

The business community has called upon the SAARC Arbitration Council (SARCO) in the resolution of trade and commercial-related disputes and to take serious initiatives for signing free trade agreements (FTAs), simplifying rules/regulations along with the promotion of barter trade and introduction of single country currency of SAARC countries.

There is a dire need of the hour to promote economic, trade and social integration between SAARC nations for which SARCO should need to play its effective, said the participants of the meeting chaired by the president, Sarhad Chamber of Commerce and Industry (SCCI), Hasnain Khurshid Ahmad during the visit of SARCO Director-General, Helal Chaudhry at the Chamber House on Wednesday.

The meeting was attended by SCCI senior vice president Imran Khan Mohmand, vice president Javed Akhtar, former president Faiz Muhammad Faizi, members of the chamber executive committee S Minhajuddin, Naeem Qasmi, Zahoor Khan, Ejaz Khan Afridi along with high officials of SARCO Tahir Bukhari and Hassan Serosh.

The participants lauded the role of SARCO in the resolution of disputes related to trade and commerce and urged the SARCO to play its effective role in the signing of FTAs, relaxation in relevant rules/regulations, promotion of barter trade between SAARC countries and introduction of single country currency of South Asian nations.

Helal Chaudhry, DG SARCO while speaking on the occasion said that the SAAR Arbitration Council has played a role in the resolution of disputes related to trade and commercial by 60 to 65 percent while the rest of 30-35 percent were resolved through courts.

The senior official informed that the SARCO in Pakistan had been established in 2011. He added that the last summit of SAARC countries was held in 2014, during which proposals were presented regarding the signing of FTAs, promotion of barter trade and introduction of single country currency, and formed a committee in this regard.

He said the mutual economic and trade relations will be further strengthened in light of the recommendations of the proposed body. On the occasion, Hasnain Khurshid mentioned that the Dispute Resolution Council (DRC), supervised by the police department has played an important role in the resolution of local disputes and issues of the business community. He informed the representation to the business community, private sector, legal experts that the DRCs.

The SCCI chief asked the SARCO to take prompt measures for the promotion of barter trade between SAARC countries and an effective role in the resolution of issues related to trade and commerce.

Faiz Muhammad Faizi, Imran Khan, S Minhajuddin, Zahoor Khan, Naeem Qasmi and others also spoke on the occasion and gave a number of suggestions for addressing disputes/issues that were hindered the trade between SAARC nations.