LAHORE, Jan 2: Saarc Chamber of Commerce and Industry will play a key role in paving the way for rapid investment and for increasing the volume of bilateral trade among member countries.

Vice President Saarc Chamber of Commerce and Industry (SCCI) Jamil Mahboob Magoon said this while talking to APP here on Friday. He said that the chamber, during 12th Saarc Summit being held in Islamabad from 4-6, will urge the member countries to relax visa restriction for businessmen, form commercial arbitration council, harmonize standards and enter a multi-motor vehicular agreement.

He said efforts will also be made to make Saarc an Economic Union. He said the issue of promoting South Asian Free Trade Agreement (Safta) process will also be discussed at length with all the member countries.

Member, Executive Committee, SCCI, Iftikhar Ali Malik also talking to APP said, intra-EU trade is 55pc, intra-NAFTA trade stands at 61pc intra-ASEAN 25pc of its total trade, while intra-SAARC trade is just 5pc of the total trade of Saarc countries.

He said foreign direct investment in the SAARC region (2002) stood at $4 billion and foreign direct investment in China only for year 2002 was $53 billion. He stressed greater trade co-operation of private sector among Saarc countries in the scenario of rapid globalization. -APP