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Saarc bloc to set up Economic Union
Aiming to transform the region into a vibrant economic zone, Saarc on Thursday resolved to set up a South Asian Economic Union on the lines of European Union by facilitating a common market and removing trade barriers.
Kathmandu: Aiming to transform the region into a vibrant economic zone, Saarc on Thursday resolved to set up a South Asian Economic Union on the lines of European Union by facilitating a common market and removing trade barriers.
- Saarc to engage observer nations in productive projects
- Members call for effective cooperation to tackle terror
At the two-day Saarc summit, leaders of the regional grouping held elaborate discussion on exploiting untapped potential of trade and decided to work with a renewed vigour to remove the bottlenecks to make the region a thriving hub of trade and commerce.
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"The leaders renewed their commitment to achieve South Asian Economic Union (SAEU) in a phased and planned manner through a Free Trade Area, a Customs Union, a Common Market, and a Common Economic and Monetary Union," a declaration issued at the end of the summit said.
To facilitate increased trade, the leaders also favoured streamlining and simplification of customs procedures, elimination of non-tariff and para-tariff barriers and setting up of a smooth and efficient transit and transport facilities.
They also called for early operationalisation of SATIS (Saarc Agreement on Trade in Services) which is expected to spur growth in a significant way. The leaders directed for collaboration and engagement among public authorities and private stakeholders in the member states to lower telephone tariff rates and called for rationalisation of the tariff structures.
Increasing the engagement with observer countries like China, Saarc bloc decided to involve them in "productive and demand-driven" projects in priority areas. This comes in the backdrop of China pushing for an "elevated" role in the grouping. China, a observer in the grouping, has been pushing for getting a permanent membership of Saarc. However, India's position has been that Saarc should enhance cooperation among the existing members before considering its expansion.
Saarc countries underlined the need for effective cooperation among them to combat the menace and decided to establish a cyber crime monitoring desk to stop high-tech illegal activities.
The declaration, adopted by the leaders at the conclusion of 18th Saarc Summit, said, "the leaders directed their respective authorities to ensure full and effective implementation of the Saarc Regional Convention on Suppression of Terrorism and its Additional Protocol, including through enacting necessary legislations at the national level to root out terrorism." The eight-member grouping also agreed to establish a cyber crime monitoring desk to check and stop trans-national high-tech illegal activities.
"The leaders unequivocally condemned terrorism and violent extremism in all its forms and manifestations and underlined the need for effective cooperation among the member states to combat them," the declaration said.
