Press Esc to close
Thursday 27 November 2014
News updated at 1:35 PM IST
Weather
Max: 0°C
Min : 0°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
It is business as usual in Leopold Cafe on the eve of the anniversary ...

It is business as usual in Leopold Cafe on the eve of the anniversary ...

England's captain Alastair Cook (R) talks with his teammate Ravi Bopara...

England's captain Alastair Cook (R) talks with his teammate Ravi Bopara...

Models pose with a car during the inauguration of the Lamborghini showroom...

Models pose with a car during the inauguration of the Lamborghini showroom...

Women from the Delhi police force, undergo martial arts training...

Women from the Delhi police force, undergo martial arts training...

Indian tennis player Sania Mirza blows whistle to joins campaign...

Indian tennis player Sania Mirza blows whistle to joins campaign...

Children rights activist Baburaj, Good Sheperd High School headmistress ...

Children rights activist Baburaj, Good Sheperd High School headmistress ...

A Sun Bird sits on a branch of Jacaranda flower tree...

A Sun Bird sits on a branch of Jacaranda flower tree...

BJP MP'S meeting in Parliament house...

BJP MP'S meeting in Parliament house...

Bipasha Basu and Milind Soman at Pinkathon announcement

Bipasha Basu and Milind Soman at Pinkathon announcement

Modi with BJP leaders at an election rally in Jharkhand

Modi with BJP leaders at an election rally in Jharkhand

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