Saarc trade fair opens in Dhaka

Calling for reducing trade barriers among Saarc nations, India today invited member countries to derive benefit from increased access to its markets.

"The inherent process (of Saarc) was to explore and identify complementary features of each other's economy and utilise them to develop a strong regional character," Union Minister of State for Commerce and Industry Satyabrata Mookherjee said at the inauguration of the fifth Saarc Trade Fair here.

As many as 24 top Indian private and public sector companies are participating in the five-day event. Except maldives, all saarc countries are represented at the fair.

Bangladesh Minister for Commerce Amir Khosru Mahmud Chowdhury inaugurated the fair which was being held for the first time in Bangladesh.

The two ministers underlined the need for greater cohesion among member states to boost trade and commerce through increased interactions and by removing barriers.

Capitalise on strengths for offsetting deficiencies "was the ostensible rationale of the saarc movement as it sought to insulate the region from the global economic vicissitudes en route to regional stability and prosperity," Mookherjee said.

He also called on Bangladesh and other member countries to exploit the full potential of such events so as to gain greater access to Indian markets.

The first Saarc trade fair was held in India in 1996.