DHAKA, Oct 18, 2019 (BSS) – The South Asian Association for Regional
Cooperation (SAARC) has called for bolstering cooperation and partnership
with the World Bank for achieving the goals of poverty reduction, enhancing
economic cooperation and regional integration.
“We look forward to strengthening cooperation and partnership with the
World Bank for achieving the goals of poverty reduction, enhancing economic
cooperation and regional integration, trade facilitation, improving financial
accountability and capacity building, in conformity with the MoU signed
between the two organisations in 2006, ” said Amjad Hussain B. Sial, the
secretary general of the eight-nation regional grouping.
He was addressing the 14th Informal Meeting of the SAARC Finance Ministers
in Washington on Thursday.
The SAARC secretary general thanked the World Bank for facilitating holding
of this Informal Meeting of SAARC Finance Ministers, according to a message
received here today.
This is the first Informal Meeting being held on the sidelines of an
Annual Meeting of the World Bank.
Hossain said the primary objective of SAARC is to promote the welfare of
the people of South Asia and to improve their quality of life through
accelerated economic growth in the region.
“Improvement in economic relations among the member states of the SAARC is
the key to accelerated economic growth for improving standards of living of
people,” he said.
The SAARC secretary general said the theme of the meeting bears
considerable significance in view of the increasing emphasis being given to
regional economic integration.
“This is one dimension of the visionary goal set by our leaders for
achieving the South Asian Economic Union (SAEU) in a phased and planned
manner through creation of a Free Trade Area, a Customs Union, a Common
Market, and a Common Economic and Monetary Union,” he said.
Hossain said trade facilitation has been recognised as an important tool
for higher economic growth and reducing poverty in developing countries.
“Studies have shown that there are several bottlenecks that cause
considerable trade delays and high transaction costs in South Asia,” he said.
The SAARC secretary general said better trade facilitation will promote
trade and economic development in South Asia.
“The emphasis on trade facilitation is thus timely and appropriate,
especially in view of its significant positive impact on economic
development,” he said.
Hossain said for deeper regional economic integration and promotion of
intra-SAARC trade, it is necessary to work collectively to bring down
tariffs; eliminate non-tariff barriers (NTBs) and para-tariff barriers
(PTBs), reduce sensitive lists under SAFTA; enhance energy cooperation;
implement SATIS.
He also put emphasis on improving regional connectivity by rail, road, air
and maritime; introducing measures for visa facilitation; finalising the
SAARC Agreement on Promotion and Protection of Investments; widening the
scope of the SAARC Agreement on Avoidance of Double Taxation and Mutual
Administrative Assistance in Tax Matters; and harmonizing customs procedures
and documentation to facilitate movement of goods and services across the
region.
The SAARC, founded in Dhaka on 8 December 1985, is the regional
intergovernmental organization and geopolitical union of states in South
Asia. Its member states comprise Afghanistan, Bangladesh, Bhutan, India, the
Maldives, Nepal, Pakistan and Sri Lanka.