ISLAMABAD, Nov 23: The Saarc commerce ministers here on Tuesday reiterated further improving bilateral and regional trade in South Asia and bringing the bloc at par with other such regional commercial alliances of the world.
Speaking at a joint press conference at the conclusion of the two-day fourth Saarc ministerial meeting, the ministers termed the outcome of the meeting as positive enabling Saarc countries to evolve a common position on issues of common concern and WTO keeping in view the long-term perspective.
The commerce ministers who spoke on the occasion were Humayun Akhtar (Pakistan), Air Vice Marshal (retired) Altaf Hossain Chowdhry (Bangladesh), Kamal Nath (India) and Ishwar Pokharel (Nepal). Bhutan and Sri Lanka were represented by Dasho Karma Dorjee, secretary ministry of trade and industry and S Wirithimulla, secretary ministry of trade and commerce.
SEPARATE AGENDA: A separate agenda was also presented by Pakistan's Commerce Minister, Hamayun Akhtar Khan, and his Indian counterpart Kamal Nath during the press conference to promote bilateral trade and other commercial activities between their two countries.
Both the ministers appreciated the on-going composite dialogue between the political leadership of the two countries and announced forming of a Joint Study Group (JSG) which would explore avenues of bilateral economic cooperation between the two countries.
In response to a query about his meeting with president, Musharraf, Mr Nath said: "President Musharraf has a great warmth and desire for peace and economic growth in the region and want both the countries to unleash their potential in the economic arena".
When asked that whether the dream of Saarc regarding greater regional economic cooperation especially between the traditional rivals India and Pakistan could be realized amid the lingering disputes like that of Kashmir, Mr Nath said :"I am never pessimistic, because the leaders see light in the end of the tunnel."
Mr Khan said improved bilateral trade would create new jobs for the growing number of unemployed people in India and Pakistan and would help eliminate the burgeoning rural poverty in both the countries.
SAARC AGENDA: The ministerial meeting considered and approved the report of the 12th meeting of the Committee on Economic Cooperation (CEC) held in Islamabad on November 20-21.
The delegates of the meeting welcomed the signing of the Safta agreement during the 12th Saarc Summit in Islamabad on January 6, resulting in one of the largest Free Trade Areas, which has attracted attention globally to the economic potential of the region.
They emphasized the need to complete the negotiations on the four outstanding issues: sensitive lists; technical assistance to the least developed countries; rules of origin; and mechanism for compensation of revenue loss for the LDCs by May 2005 in order to ensure that the Safta agreement enters into force on January 1, 2006, as mandated by the Saarc leaders during their 12th Saarc Summit.
The delegates appreciated the efforts of the Committee of Experts on Safta and the progress made by them on the four outstanding issues in their meeting. They stressed the need for concluding the negotiations on draft agreement on Mutual Administrative Assistance in Customs Matters, draft agreement on Promotion and Protection of Investments, draft agreement on Establishment of Saarc Arbitration Council and Saarc Arbitration Rules and draft Limited Multilateral Tax Treaty/Agreement on Avoidance of Double Taxation.
The speedy implementation of these agreements would put in place all the facilitation measures for the smooth implementation of Safta on January 1, 2006. The ministers underlined the need of entering into regional mutual recognition arrangement/agreement in standards, testing facilities and conformity assessment procedures on a priority basis.
They also noted the importance of Saarc trade fairs in showcasing the business potential of the region and in promoting networking of the South Asian business community and welcomed the holding of the sixth Saarc Trade Fair to be held in New Delhi on January 6-10, next year.
They highlighted the important role being played by the Saarc Chamber of Commerce and Industry in promoting trade and economic cooperation. The meeting considered the recommendations of the 12th meeting of the CEC on the concept paper prepared by India on Saarc High Economic Council.
It approved the recommendations made by the CEC that the member states would send their comments to the Secretariat for consideration during the 13th meeting of the Committee on Economic Cooperation to be held in Bangladesh.
It also considered the Indian recommendations on Saarc Infrastructure Fund and approved its recommendation that in the first instance advice of the Saarc Finance might be obtained about the conceptual viability and feasibility of the proposal. The meeting also appreciated the interest being shown by the European Commission in the Saarc region and its economic integration.
REQUEST TO EC: It held detailed discussion on the proposal of Sri Lanka to make a formal request to European Commission to grant benefits of Super Regional Copulation covering both Saarc and Asean under its GSP scheme. It was agreed that a special committee would examine the possibility of enhanced economic cooperation with other regional groups like Asean and EU.
MINISTERIAL MEETING: The delegates agreed that a meeting of Saarc commerce ministers would be held in advance of the sixth WTO Ministerial Conference to be held in Hong Kong on December 13-18, next year.
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