However, it is regional cooperation which is the real key to economic swiftness if the mandate is placed on facts and statistics. On the contrary, states can generate greater profits with minimum risk when they engage in trade with neighbouring states. A recent survey by a US state department suggested that the state should refrain from cross-Atlantic or cross pacific trade and keep regional trade as its top priority. The survey concluded that the members of the European Community and ASEAN got the most benefit from regional trade, while Africa and South Asia were the worst in terms of regional cooperation and hence economic development. The annual trade between Pakistan and India is a mere $2 billion as compared to $20 billion trade between US and Canada every day.
Source: The Nation August 13, 2022 12:37 UTC