"The concerns of Least Developed countries regarding loss of revenues while implementing SAFTA and their demand for greater Market Access should be fulfilled if we desire to make SAFTA work and implemented in true spirit" This was stated by Mr. Iftikhar Ali Malik, Vice President, SAARC Chamber of Commerce & Industry (SAARCCCI) at session " Special and Differential Treatment to LDCs in South Asia" at 2nd Economic South Asian Economic Summit, held of December 11-12, 2009 at New Delhi.

Mr. Malik said that LDCs were afraid of openness of economies and there is need to reduce their fear perception, adding that unprecedented increase in exports of Sri Lanka (132%) to India against only 40% increase in Exports from India to Sri Lanka, has proven that even small economies can make niche in bigger markets.

Mr. Malik also pat President, FPCCI said that LDCs can offer investment opportunities to India , Pakistan and Sri Lanka as they have acquired GSP Plus Status and duty Free access to USA and Europe. "The FDI in their countries will not only bring technological advancement but also create job opportunities and surplus production for re-export to the investors' countries" said Mr. Malik and added that FDI would help increase the production capacity of LDCs manifold and hence assist them overcoming the constraints of small-scale production.

He said that LDCs could acquire technical assistance from developing partners in areas of Advisory services, capacity building metallurgy, standards, testing and quality control, training of Trade Officers, training in sanitary and phyto-sanitary measures; technical barriers to trade and export proceed on agro based products for identifying export niches for the products of LDCs. These provisions can help LDCs in improving the overall productivity of their labour and institutional capacity building.

The session was chaired by Dr. Saman Kelegama, Executive Director, Institute of Policy Studies , Colombo and was addressed by Dr. Mustafizur Rehman, Executive Director, and Centre for Policy Dialogue, Dhaka, Dr. Biswajit Dhar, DG-RIS, New Delhi , Dr. Mohan Man Sainju, Exe. Chairman, Institute of Integrated Development Studies, Katmandu.