International
SAARC pledges to work for free trade area
KATHMANDU, JAN. 6. The South Asian Association for Regional Cooperation(SAARC) today pledged to work towards early establishment of a South Asian Free Trade Area(SAFTA) and direct the member-governments to finalise the draft treaty framework for this purpose by this year-end.
Agreeing to accelerate economic cooperation of core areas of trade, finance and investment, the SAARC declaration adopted at the conclusion of the 11Th summit here asked member- states to expedite action to remove tariff and non-tariff barriers and structural impediments to free trade.
In moving towards the goal of SAFTA, the heads of state or government instructed the seven member-countries to conclude the meeting of the Inter-Governmental Group on Trade Liberalisation for the fourth round of trade negotiations under SAPTA as early as possible.
To realise the goal of an integrated South Asian economy step-by-step, they expressed their determination to make full use of regional synergy to maximise the benefits of globalisation so as to minimise their negative impacts on the region.
``While recognising that trade and economic expansion is closely interlinked, the leaders made a commitment to widen and deepen the scope of regional networks of activities in trade and financial matters.''
Satisfied with the outcome of the successive meetings of SAARC Commerce Ministers enlarging the scope of cooperation, the declaration reaffirmed that the free-trade treaty regime must incorporate binding time-frames and ensure equitable distribution of benefits of free trade to all states.
It should also include a mechanism for compensation of revenue loss, especially for small and least developed countries.
The declaration expressed its firm resolve to combat the problem of poverty with a new sense of urgency by actively promoting the synergetic partnership among national governments, international agencies, private sector and the civil societies.
``They reaffirmed their pledge to undertake effective and sustained poverty alleviation programmes through pro-poor growth strategies and social as well as other policy interventions with specific sectoral targets,'' it said.
The seven heads of state or government renewed their commitment to encourage participation of the private sector and assured their full support for their socially responsible economic initiatives.
``While welcoming the practices of holding trade fairs in cooperation with the private sector at the regional level, they appreciated the efforts of the SAARC Chamber of Commerce and Industry to promote regional economic cooperation in the spirit of public and private partnership,'' it said.
The SAARC countries also called for early finalisation of regionally agreed investment framework to meet the investment needs of the member-states.
Concern over the region's vulnerability in the face of global economic slowdown, a ``supportive international environment'' and an ``enhanced level of assistance'' by the international community for poverty alleviation programmes in the SAARC region was mooted. A special session on poverty alleviation at the ministerial level was proposed for comprehensive review.
To coordinate poverty alleviation schemes, they asked the Chairman to seek two nominations from each state by this month-end, to hold its first meeting before the proposed ministerial meeting in Pakistan in April.
- PTI
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