Syed Ahmed Maroof, the High Commissioner for Pakistan in Bangladesh, today (Nov 18) underscored the growing importance of economic diplomacy in modern international relations.
He made the remark while speaking at the Bay of Bengal Conversation 2024, hosted by Dhaka.
Addressing the event, Ahmed Maroof highlighted the global shift from geopolitics to geo-economics, emphasizing how trade and investment now play a central role in shaping diplomatic ties.
Maroof referred to successful examples like the European Union and ASEAN, where regional trade integration has driven stability and growth. Intra-EU trade reached €4.1 trillion in 2023, while ASEAN's intra-regional trade accounted for $856 billion in 2022, approximately 25% of its total trade.
Turning to South Asia, the High Commissioner pointed out the untapped potential in the region, where intra-regional trade under SAARC remains at just 5% of its total trade volume. With a population of 1.9 billion, the region holds immense promise if barriers to trade can be addressed.
Maroof emphasized the need to remove trade obstacles, streamline customs procedures, and encourage investment to unlock regional economic opportunities.
He particularly highlighted the potential for strengthening Pakistan-Bangladesh bilateral trade, which stood at only $1 billion in 2021 despite complementary economies.
Mr. Maroof also praised recent progress in trade facilitation, including the elimination of 100% cargo checks for Pakistani consignments at Bangladeshi ports. A direct shipping route between Karachi and Chattogram was also established, with the first vessel reaching Chittagong in just ten days on November 11, 2024.
Addressing the broader global economic outlook, Maroof noted the rise of digital economies and green technologies, urging nations to focus on inclusive growth and structural reforms to ensure trade benefits all.
"By prioritizing trade, investment, and regional integration, we can create a peaceful and prosperous future for our people," he said.
He concluded by calling for a new era of economic diplomacy in South Asia.
BDST: 2115 HRS, NOV 18, 2024
MSK
