ISLAMABAD, Jan 3: The early establishment of a regional trading bloc will not only improve the socio-economic condition of people in South Asia but will also help member countries to safeguard their interests in the multilateral trading system.

This was the consensus of majority of speakers at a one-day 'Symposium on regional cooperation in Saarc', organized by Saarc Chambers of Commerce and Industry (SCCI) here on Friday.

Senior SCCI vice president Macky Hashim said it was high time Saarc countries signed the agreement which, he said, would increase the economies of the member countries manifold.

Much to the disappointment of businessmen, political differences between some of the Saarc countries seemed to have taken primacy over all issues of regional cooperation and economic prosperity, he added.

"There is no doubt that we face multiple challenges; all demanding our attention and time. However, economic cooperation is the seed from which Saarc will truly blossom. We have to accelerate our efforts and show that Saarc will not be bogged down in non-economic issues."

President Federation of Indian Chambers of Commerce and Industry Yogendra K. Modi said the experience of other trading blocs in raising their income levels and living standards through intensified trade and commerce showed the need for South Asian leaders to give priority to economic issues at the Islamabad summit.

"The entire world is looking with interest and shall be observing the developments at Islamabad carefully. The signing of SAFTA shall send out a message that the countries of the region are serious about economic cooperation despite political and other differences," he remarked.

Adviser to the ministry of commerce Dr Ashfaque Hasan Khan said there were many ways that South Asian countries could help themselves.

They must get their act together, strengthen intra- regional economic ties, maintain peace in the region and remove liquidity constraints.

"Let us make Saarc a vibrant regional organization. Let us learn from experiences of other regional blocs. Together we can build a stronger Saarc, an organization serving as an agent of change," he said.

Vice-President SCCI Haroon Rasheed said it had been observed that political disparities had taken primacy over all issues of regional cooperation and economic prosperity in case of Saarc.

"We hope that the recent development in normalisation of Indo-Pakistan relations and the resumption of air and rail links between the two countries would lead to promotion of trade and activation of the Saarc trade bloc," he added.

Former information minister Javed Jabbar said there was a need for addressing the poverty issue in the region.

Former finance minister Sartaj Aziz said South Asian countries should sign the regional treaty so as to protect their interest under WTO.

Head of the delegation, European Commission, Ilkka Uusitalo, said Saarc countries should have to develop a strong secretariat which was necessary for implementation of decisions.

He said unless Saarc countries made compromises they could not have a regional trading bloc. He said regional blocs were not made in days but it took decades to overcome differences which needed a lot of patience.