The Hindu : One currency for South Asia possible: Sinha

Online edition of India's National Newspaper
Saturday, Sep 06, 2003

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One currency for South Asia possible: Sinha

By Our Diplomatic Correspondent

NEW DELHI SEPT. 5. The External Affairs Minister, Yashwant Sinha, said today that a South Asia with one currency, a common tariff regime and free movement of goods, services and people is well within the realm of possibility.

Inaugurating a multiparty South Asia Forum headed by the Congress parliamentarian, Eduardo Faleiro, Mr. Sinha said that South Asia must become a region where pluralism, tolerance, democracy and human rights flourish.

"I believe that movement in the above direction will inevitably lead to softer national boundaries and eventually South Asia will become a single economic area or one system/one market/seven countries," he said.

Referring to his proposal of a South Asian Union, he said this was not intended to bypass the South Asian Association for Regional Cooperation.

"Let me assert and clarify that India's commitment to the SAARC process remains undiluted and undiminished in any manner."

"In fact, the idea of creating a South Asian Economic Union on the lines of the European Union was formally proposed by a Group of Eminent Persons appointed by the SAARC Summit of 1997..."

India, he said, invited its SAARC neighbours to tap India's economic strength for their own benefit. He pointed to the success story of India-Sri Lankan trade after the two countries operationalised their free trade agreement in 2001.

Mr. Sinha said that cooperation in South Asia should not be confined to economic and trade relations. "Today, smuggling substitutes for normal trade and business interaction. Illegal immigration substitutes for the legal movement of people. The situation must change."

"There is a need for joint efforts against terrorism, drug-trafficking, money-laundering, smuggling and other trans-national crimes. South Asian countries must address problems such as cross-border infiltration and illegal immigration with seriousness and determination. It is tragic that instead of opening our borders, we are being forced to erect barbed wire fences," he said.

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