SAARC Chamber of Commerce and Industry (SCCI), the apex business organisation of the SAARC region, has predicted doubling of trade among member countries if the SAARC Free Trade Area (SAFTA) comes into effect.
Trade among seven members of SAARC constitute less than five per cent of total trade by these countries. In comparison, trade among members of Mercosur, the Latin American trade block is 25 per cent. It is even higher in case of European Union (EU) members.
Padma Jyoti, president of SCCI, said there was huge possibility of trade among members if free trade agreement was implemented.
