Ishaq Dar highlights trade barriers in South Asia

ISLAMABAD, Jan 10 (SABAH): Deputy Prime Minister/ Foreign Minister Muhammad Ishaq Dar has said that real impediments to growth- South Asia is one of the least integrated regions in terms of trade. He said despite being home to nearly 25% of the world’s population, intra-regional trade remains less than 5% of our total trade volume. 

Ishaq Dar said, “Pakistan has embarked on a journey of reforms and transformation, aimed at stabilizing our economy and fostering sustainable growth. We are focused on creating an ecosystem that supports investment, promotes exports, and harnesses the potential of our human capital. Our Strategic Trade Policy Framework, energy diversification initiatives, and digital transformation agenda are just a few examples of our commitment to building a resilient economy.”

He said, “In Pakistan, we recognize the need to address trade barriers-both tariff and non-tariff-to unlock our export potential. Initiatives such as preferential trade agreements and reforms in logistics and border management are steps in this direction. Collaborative discussions here can pave the way for a more unified and prosperous South Asia.”

He said, “Energy security is vital for economic stability. In Pakistan, the energy crisis has long been a challenge, but it is also an area where immense opportunity lies. With one of the largest untapped renewable energy potentials in the world-solar, wind, and hydropower-we are committed to diversifying our energy mix. The regional sharing of innovations and expertise in renewable energy can help South Asia collectively reduce dependency on fossil fuels and embrace a greener, sustainable future.”

“From Pakistan’s perspective, this conference comes at a critical juncture. Our economy, like many others in the region, has faced formidable challenges-ranging from global economic uncertainties, the impact of climate change, and the need for robust governance to navigate these turbulent times. Yet, it is also a moment of opportunity,” he remarked.

“It is an honor to address this prestigious gathering at the SAFA Conference 2025. Today, as we convene under the theme, “South Asia’s Economic Outlook: Challenges & Opportunities”, we bring together some of the finest minds in the region to deliberate on pressing issues that shape not just South Asia’s economy but also its role on the global stage. This conference is a reflection of our collective will to navigate challenges, explore opportunities, and establish South Asia as a beacon of growth and resilience in an ever-evolving economic landscape,” he said.

 He said, “Each session of this conference underscores a critical aspect of South Asia’s economic future, and I wish to share my thoughts on their significance, especially from Pakistan’s perspective.”

He also congratulated ICAP and Ashfaq for assuming the Presidency of SAFA. This is not only an honor for our Country but also a testament of the leadership of Ashfaq and his services to the profession, he added.

 He further said, “In today’s world, governance and policy reforms are no longer optional, they are imperative. For Pakistan, this means addressing structural bottlenecks, strengthening institutions, and ensuring transparency and accountability at every level. Our ongoing reforms in tax policy, public financial management, and regulatory frameworks aim to create an environment conducive to business and investment. I believe that sharing insights and best practices at this forum will help us chart a path toward more effective governance across the region.”

 He went on to say, “The accountancy profession is evolving rapidly, driven by advancements in technology and globalization. Pakistan has a wealth of talent in this field, and initiatives such as ICAP’s Digital Assurance program and the export of accountancy services are aligned with this shift. However, challenges such as adapting to international standards, ensuring data security, and building global networks persist. This session provides a valuable platform to discuss solutions that will enable our professionals to thrive in the digital economy.”

He commended SAFA, ICAP, and all participants for organizing this impactful event. He concluded, “Your efforts demonstrate the power of collaboration and the unwavering belief in the potential of South Asia.”