India urges more intra-SAARC trade

Regretting that over 90 per cent of requirements of South Asian countries were still sourced from outside the region, India on Monday asked SAARC nations to build a strong framework of regional economic cooperation, which should be "workable" and "programme-based".

"It is imperative that the SAARC countries devise a concrete, positive, workable and programme-based agenda centering around economic cooperation. The logic of mutual economic benefit must triumph," Commerce and Industry Minister Kamal Nath stressed.

Addressing the SAARC Commerce Ministers' conference in New Delhi, the minister said there was an urgent need for introspection.

"It is a matter of regret that over 90 per cent of the requirements of South Asian countries are still sourced from outside the region. And conversely, a major part of our exports are also destined for countries outside our grouping," he contended.

Despite the limited concessions of SAPTA, the regional trade had failed to register the kind of growth, which would give the member nations satisfaction, he said.

He said the total intra-regional trade among SAARC countries was barely of the order of $6 billion.

"It is a drop in the ocean when compared to the total volume of our combined international trade of over $200 billion," he said.