6, April 2005	Wednesday	26 Safar 1426

Please Visit our Sponsor (Ads open in separate window).

ISLAMABAD, April 5: A group of high-level experts for the fourth ministerial meeting of the Asia Cooperation Dialogue (ACD) on Tuesday recommended greater cooperation among member states for the benefit of people and prosperity of the region. At a seminar held under the chairmanship of State Bank Governor Dr Ishrat Hussain, the experts from the ACD member countries put forward suggestions and proposals for boosting economic cooperation.

At the conclusion of the seminar, draft recommendations called ‘Islamabad Initiative on Economic Cooperation in Asia’ were made.

It calls for working towards developing a centre for human resource development to equip Asian workers and professionals with necessary technical and language skills and improve their efficiency, making them more attractive in the global labour market.

The draft stresses the need for making better use of the freer flow of information technology and says that ACD members will consider constructing an ACD East-West Information and Communication Technology Corridor in order to facilitate the exchange and sharing of information between East and West Asia.

Referring to the Qingdao initiative adopted in Qingdao, China on June 22, 2004, it recommends to accord priority to mutual co-operator for secure and assured supply as well as mutual collaboration for the development and application of renewable sources of energy, including bio-gas, wind and solar power.

The draft says that the member countries will work, bilaterally and through regional and global forums, to liberalize trade with a view to eventually realizing the objective of an Asian Community. In this context, senior officials will consider modalities for meetings of trade and finance ministries of the ACD countries.

It calls for promoting investments and joint ventures and actively encourage co-processing of trade so as to optimally utilize the complimenters that exist; and endeavouring to create a better understanding among ACD members on fiscal and monetary policies with a view to creating requisite synergies for protecting and promoting Asian economies including through interaction amongst ACD finance ministries and central banks at relevant fora.

To facilitate cross-border movement of capital and investments, the draft recommends initiating cooperation and consultation in capital market regularly with a view to liberalizing capital flows and ensure against volatility. “In this context, we suggest cooperation and consultations among the ACD Security Regulators and Stock Exchanges of ACD countries.”

It calls for encouraging Asian enterprises to bring to bear their full potential for the economic development and growth of the Asian region and in this regard encourage the chambers of commerce and industry of ACD countries to collaborate closely with each other.

The member countries, the draft says will encourage scientific research and development among ACD members with a view to enhancing the technological capabilities of Asia and creating Asia-wide knowledge-based societies.

The ‘initiative’ recommends to “work towards establishing efficient and effective transportation and communication links with a view to promoting commerce, people-to-people and cultural contacts as well as tourism among ACD countries”; and to “establish bilaterally or multi-laterally, wherever possible, joint projects, both in the public and private sector for the development of infrastructure, promotion of investments in good and services as well as in the transport and banking sectors.—APP