New Delhi, January 17
South Asian countries have called for greater involvement of private sector players for enhancing the regional integration of SAARC and increasing trade and investments in the region.

"Movement of people should be smooth in the SAARC region. Private sector can play a major role in enhancing regional integration," Afghanistan Deputy Commerce and Industry Minister Mozammel Shinwari said here. The officials were speaking at the 5th SAARC Business Leaders Conclave at Ficci.

Sharing similar views, Murtozaa Reza Chowdhury, additional secretary in the Ministry of Commerce, Bangladesh, said the intra-SAARC (South Asian Association for Regional Cooperation) trade is very low and it needs to be enhanced.

"Participation and collaboration of private sector (of the South Asian region) is very important for integration of the region. Regional groups like ASEAN are doing well," Chowdhury said.

Nepal’s Commerce Secretary Madhav Prasad Regmi said the member nations have to work together, particularly the private sector, for sustainable growth in the SAARC region.

"Regional integration will help in dealing with issues such as poverty, illiteracy and gender inequality," Rabiya Javeri Agha, Secretary, Trade Development Authority of Pakistan, said.

India's Commerce Secretary SR Rao said there is a need to enhance trade through land route, particularly between India and Pakistan.

"India cannot prosper alone. Its prosperity is closely linked with the prosperity of its neighbours. Through enhanced trade, we can build the confidence in the region. Together we can work for mutual prosperity of our people," Rao added.

Trade between the member countries (excluding Afghanistan) stood at about $ 14.5 billion in 2010-11. Afghanistan joined the group in May 2012. SAARC members comprise Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka.

A study by Ficci has pointed out that the test of SAARC now is to benefit from the process of globalisation through deeper regional integration, eventually creating a South Asian Economic Union.

According to a paper prepared for the conclave, to achieve this goal, a deliberate shift from "independence" to "inter-dependence" is needed, with identified priority areas for implementation.

 

Movement of people should be smooth in the SAARC region. Private sector can play a major role in enhancing regional integration. Mozammel Shinwari, deputy commerce and industry minister, Afghanistan Participation and collaboration of private sector (of the South Asian region) is very important for integration of the region. Regional groups like ASEAN are doing well. Murtozaa Reza Chowdhury, addl secy, commerce ministry, Bangladesh India cannot prosper alone. Its prosperity is closely linked with the prosperity of its neighbours. Through enhanced trade, we can build the confidence in the region. Together we can work for mutual prosperity of our people. SR Rao, Indian commerce secy

New Delhi, January 17
Steps to boost trade through land route and resolve the contentious MFN issue will come up for deliberations between Commerce Ministers of India and Pakistan who are meeting tomorrow after a gap of about 20 months.

The preliminary agenda for the meeting has already been set by the Commerce Secretaries of the two nations during the two-day talk which concluded today.

"Commerce and Industry Minister Anand Sharma and his Pakistani counterpart Khurram Dastagir Khan will meet tomorrow and discuss ways to further normalise the trade liberalisation process," a commerce ministry official said. — PTI

Gurgaon, January 17
The industry, which is reeling under recession, has demanded that the government should scrap the Agriculture Produce Market Committees (APMC) Act to facilitate unregulated sale and purchase of agrarian goods to give fillip to agro and food processing units spread across the state.

The industry’s pitch against the act comes at a time when the government proposes to reformulate its agriculture policy, as announced by Chief Minister Bhupinder Singh Hooda a couple of months ago.

The Gurgaon Chamber of Commerce and Industry (GCCI) says the government must factor in “debilitating” effect of the APMC Act on industry and agriculture while preparing its agriculture policy.

The APMC Act came into existence in different states about five decades ago with the objective of safeguarding the interests of farmers and ensuring organised trading of agricultural goods. This led to the creation of regulated markets, also called mandis, each of which caters to a “notified” area. These mandis control almost the entire wholesale trade of agricultural goods, vegetables and fruits.

The industry is of the view that the legislation has outrun its utility as farmers these days are aware of the prices of goods, not only in the mandis of the state, but also in other countries, courtesy information technology and mass media.

As per the law, industrial units can purchase products only from mandis. This involves procedures and periodic interface with the babudom, which, more often than not, is a source of corruption and delays. Although the industrial policy of Haryana envisages exemptions on some items, the industrialists have to go through rigmarole of strict conditions.

The industry feels that removal of the legislation would, inter alia, give momentum to contract farming by allowing farmers and buyers to choose their business partners on mutually beneficial terms. It would make agriculture a profitable venture and help generate employment.

PK Jain, who owns an agro-based manufacturing unit in Gurgaon and former president of PHDCCI, said items like barley, maize, rice, guar, wheat, mustard, etc must be taken out from the ambit of the act.

As per captains of the industry, while Haryana has an annual turnover of Rs 60,000 crore in agro and food processing products, southern Haryana accounts for about Rs 10,000 crore.

New Delhi, January 17
Reliance Industries (RIL) today beat street estimates by reporting a marginal increase in third-quarter net profit, helped by a rise in revenue from its non-core business.

Profit rose 0.2% to Rs 5,511 crore, or Rs 17.10 a share, in the October-December quarter from Rs 5,502 crore, or Rs 17 a share, a year earlier, RIL said. Sales rose 10.5% to Rs 1,06,383 crore.

New Delhi, January 17
The Free Trade Agreement (FTA) between India and the European Union is unlikely to be signed even during 2014, EU Ambassador to India João Cravinho said today.

Talking to reporters, he said the ambitious accord would get further delayed because of the elections to the Lok Sabha in India and later to the European Parliament. The agreement, in all likelihood, would be inked in 2015. The benefits of an FTA were substantial for both sides, he added.

Cravinho said the two sides were still sorting out some minor issues on which they have differences. He identified automobiles, car plants, services and procurement as the areas in which the two sides have still not reached a consensus.

Describing India as a key partner of the EU, he said the two sides proposed to begin a dialogue on non-proliferation issues like cyber security, anti-piracy, outer space and counter-terrorism in 2014.

Chandigarh, January 17
Employee unions of public sector banks today deferred their proposed two-day strike on January 20 and 21 as managements offered to give higher wages.

Parmod Sharma, deputy general secretary of the All India Banks Officers’ Confederation, said, “The Indian Banks' Association (IBA) at its meeting today improved its initial offer from 5 per cent to 9.5 per cent on the pay slip cost. In view of this, it has been decided to defer the January 20 and 21 strike.” The next round of talks with the IBA would be held on January 27, he added.

New Delhi, January 17
NTPC's Board today approved an investment of Rs 12,532.44 crore for setting up 1,600 MW thermal power project in Odisha.

"The Board of Directors of NTPC have accorded an appraised current estimated investment approval for Darlipali Super Thermal Power Project,” it said. — PTI