Pakistan, India and Bangladesh can make South Asia a well-built textile hub for the world if the three countries join hands for multilateral corporation and trade, according to local media reports quoted a Pakistani official as saying on Saturday.

Haroon Farooki, President Karachi Chamber of Commerce and Industry (KCCI), made the remarks after inaugurating the seventh South Asian Association for Regional Cooperation (SAARC) Trade Fair 2006 in Pakistan's southwest port city Karachi.

The SAARC countries must collaborate with each other to survive in this era of globalization, he said, adding "we (SAARC countries) should bolster each other instead seeking support of European countries. Exchanging of technologies, sharing of expertise and offering of available resources could strengthen the economics of the region."

"Although SAARC was formed 20 years ago its objective could not be achieved by its member countries so far," he said.

Farooki urged the SAARC countries, particularly India and Bangladesh not to create trade competition among the regional countries, by saying that the products of these countries do not have any level of competition.

"Some European and developed countries do not want the developing countries to overcome their economic plight and stand in the row of the developed countries," he said.

Referring to the trade ties between Pakistan and other SAARC countries, Farooki said that Pakistan has signed Free Trade Agreement (FTA) with Sri Lanka and it would also ink same agreement with Bangladesh on July 26 whereas dialogues between Pakistan and India are in the pipeline in this regard which appear to be on positive note.

Source: Xinhua