South Asian countries need to focus inclusive trade policy

Development and trade experts have stressed to the need of inclusive trade policy in south Asian countries. They have further suggested these countries required to enhance institutional mechanisms to make trade policy inclusive.

To implement to Doha Round of Multilateral Trade Negotiations under the World Trade Organization, south Asian countries need to support and make efforts to strengthen the multilateral trading system. Multi trading system is supposed to protect the interests of these economies compared to bilateral mode of trade liberalization.

Around fifty participants from Bangladesh, Pakistan, India, Nepal and Sri Lanka had gathered in Nepal's capital Kathmandu to discuss on future of trade policy in south Asia.

The representatives including secretaries at trade ministry from different countries also critically analyzed the data of World Bank. They complained the noticeable differences between the World Bank’s Doing Business Indicators and the World Economic Forum’s Global Competitiveness Report created more confusion than the insights they offer.

In this context, policymakers and relevant stakeholders need to understand the limitations of such assessments and also concluded that country specific assessment of business environment is a better way to evaluate business environment indicators rather than intra-country assessments, they suggested.