ADDU: South Asian leaders concluded a two-day summit here on Friday with pledges to promote regional trade and facilitate communications and travel among their countries.
The summit adopted the ‘Addu Declaration’ which lays emphasis on effective implementation of the South Asian Free Trade Area (Safta) accord, reduction in sensitive lists and resolution of the issue of non-tariff barriers among the states of South Asian Association for Regional Cooperation (Saarc).
The declaration also includes measures to be taken to promote free flow of capital and investment and improve connectivity within the region.
Although most of the document is about steps required to be taken to make Saarc an effective regional entity, it also mentions signing of agreements on rapid response to natural disasters, a Saarc Seed Bank, multilateral arrangement on recognition of conformity assessment and implementation of regional standards.
Maldives President Mohamed Nasheed said the eight-member group had agreed to increase trade and economic cooperation through a string of agreements, including one on railways and motor vehicles.
He said the foreign ministers had been asked to work out timelines and other details.
The countries also agreed to set up a mechanism to deal with piracy in the Indian Ocean.
The declaration pledged to direct the finance ministers of Saarc states to prepare a proposal to allow for greater flow of financial capital and intra-regional long-term investment; to hold the 12th Saarc Trade Fair along with a travel and tourism fair in Kulhudhuffushi, Maldives, next year; and to develop modalities, by involving the private sector, to promote the region globally as ‘Destination South Asia’.
It pledged to conclude a regional railways agreement, convene an expert group meeting on a motor vehicles agreement before the next session of the council of ministers and to arrange an early demonstration run of a Bangladesh-India-Nepal container train.
It asked the secretary general to ensure completion of the preparatory work on the Indian Ocean Cargo and Passenger Ferry Service, including the feasibility study, by the end of this year.
The declaration envisaged the conclusion of an inter-governmental framework agreement for energy cooperation, a study on the regional power exchange concept and work related to a Saarc market for electricity.
The members agreed to allocate an appropriate percentage of their national income for renewable energy investments.
They pledged to make coordinated and concerted efforts to combat terrorism, taking into account its linkages with illegal trafficking in narcotics, psychotropic substances and small arms, and call for early conclusion of the proposed UN comprehensive convention on international terrorism and completion of the ratification of the Saarc Convention on Mutual Assistance on Criminal Matters.