Press Esc to close
Tuesday 27 January 2015
News updated at 5:54 PM IST
Weather
Max: 26°C
Min : 18°C
In Bengaluru
Sunny day

SAARC summit ends with call to accelerate trade

Last updated: 11 November, 2011
Addu (Maldives), Nov 11 (IANS)

The curtain came down on the two-day SAARC summit here Friday with the South Asian grouping's leaders pushing for trade liberalisation and a host of initiatives that include setting up a Rapid Action Force to combat natural disasters.

Closing the summit, Maldives President Mohammad Nasheed, the host and chair, announced a set of decisions that included commitments to reducing trade barriers, strengthening investment and enhancing connectivity.

"It was decided by consensus to direct the SAFTA (South Asian Free Trade Agreement) ministerial council to reduce the sensitive list and non-tariff barriers," Nasheed said.

Nasheed also thanked India for its initiative in deciding to reduce the sensitive lists for the least developed countries under SAFTA from 480 tariff lines (categories in a country's tariff schedule) to 25.

The SAARC leaders also also directed the finance ministers of their countries to explore avenues for more investment in the region. They also decided to conclude a railway agreement and a motor vehicles agreement before the next meeting of the SAARC council of ministers, expected some time in 2012.

Nasheed also announced Nepal will host the 18th SAARC summit in 2012.

The Maldivian President said the Summit also mandated the Finance Ministers to discuss a mechanism to promote capital flows and investment.


With 'Building Bridges' as its theme, the Summit agreed to move ahead on a regional railways agreement and a motor vehicle pact, which will make travel among SAARC nations much easier than it is today.

The Summit also agreed to set up a South Asian Postal Union whose Secretariat will be established in India.

On security issues, the 8-nation grouping agreed on rapid response to natural disasters and to combat maritime piracy.


Go to Top

Photo Gallery
India's BSF 'Daredevils' motorcycle riders perform stunts as they take part during Republic Day...

India's BSF 'Daredevils' motorcycle riders perform stunts as they take part during Republic Day...

Make in India tableau on display during the 66th Republic Day parade at Rajpath...

Make in India tableau on display during the 66th Republic Day parade at Rajpath...

Prime Minister Narendra Modi paying homage at Amar Jawan Jyoti during the 66th Republic Day...

Prime Minister Narendra Modi paying homage at Amar Jawan Jyoti during the 66th Republic Day...

Pranab Mukherjee with Obama and Modi during an At-Home reception...

Pranab Mukherjee with Obama and Modi during an At-Home reception...

BSF officials perform during the 66th Republic Day Celebration at Attari Border in Amritsar...

BSF officials perform during the 66th Republic Day Celebration at Attari Border in Amritsar...

Illuminated Raisina Hill on the occasion of Republic Day in New Delhi...

Illuminated Raisina Hill on the occasion of Republic Day in New Delhi...

Amit Shah, Sonia Gandhi, Venkaiah Naidu and others using umbrellas as it rains...

Amit Shah, Sonia Gandhi, Venkaiah Naidu and others using umbrellas as it rains...

Mechanised columns on display during the 66th Republic Day parade at Rajpath...

Mechanised columns on display during the 66th Republic Day parade at Rajpath...

A view shows Indian Army soldiers marching past the India Gate during the Republic Day...

A view shows Indian Army soldiers marching past the India Gate during the Republic Day...

Navy's women contingent marches during the 66th Republic Day Celebration...

Navy's women contingent marches during the 66th Republic Day Celebration...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523