Every one can win from cooperation: Wheeler

Mumbai, Feb 18 (UNI) World Bank managing director Graeme Wheeler, while calling for greater cooperation among SAARC nations, today noted that ''every one can win from cooperation''.

Regional cooperation is essential for understanding and addressing the challenges facing the SAARC countries, Mr Wheeler said while addressing the valedictory session of the two-day second SAARC Business Leaders' Conclave here today.

''Every one can win from cooperation. Regional cooperation can open many doors to prosperity, and the welfare of the 1.5 billion South Asian people depends on it,'' he said.

Mr Wheeler, however, rued that there were certain obstacles like protective policies, poor infrastructure, corruption and red-tapism that came in the way of economic development of the countries.

Citing an example, he said that trade between India and Pakistan is about USD one billion a year at present which could, without barriers, be raised to USD nine billion within five years.

Trucks have to wait around 100 hours at the border to cross over from India to Bangladesh, while it costs an average of USD 200 in bribes to clear an import consignment from that border, he said.

As many as 200 signatures are needed before Nepal can trade goods with India, and 140 signatures are required for India to trade with Nepal, he remarked.

Trade integration is a major opportunity. But, regional cooperation in energy and water could produce even bigger returns, Mr Wheeler said. India, one of the most energy-hungry nations in the world, sits next to three energy-surplus countries of Bangladesh, Nepal and Bhutan. Yet, except for Bhutan, energy trade between them is miniscule, he noted.

Talking about the service sector, Mr Wheeler said South Asia's service sector has grown much faster than the manufacturing sector because it is less dependent on infrastructure, which is a serious bottleneck for manufacturing firms. To transport garments from China to the United States takes an average of 15 days and from India 24 days, he pointed out.

UNI