It is for this reason, the Eighteenth SAARC Summit held in Kathmandu, Nepal, in November 2014, directed the SAFTA Ministerial Council and SAFTA Committee of Experts to accelerate free trade in goods and services by putting into place simplified and transparent rules of origin; implementing trade facilitation measures; harmonizing standards relating to Technical Barriers to Trade (TBT) and sanitary and phyto-sanitary measures; introducing harmonized, streamlined and simplified customs procedures; eliminating non-tariff and para-tariff barriers; and creating smooth and efficient transit and transport facilities, with a view to achieving the objective of the South Asian Economic Union (SAEU
He lauded the resolve of Finance Minister Ishaq Dar to establishing SAEU to ensure regional development ultimately helping to root-out poverty, hunger and illiteracy from the
"I have no doubt that SAARC nations would join hands for SAEU to extend every support for helping one billion people to get rid of poverty," he added.
"I am sure that we will come up with concrete recommendations on steps to ultimate goal of the SAEU that would provide a viable way of getting the peoples of our region out of poverty and would give a new push to the multifaceted regional cooperation," Dar said while addressing the inaugural session of the 8th Meeting of SAARC Finance Ministers here.
A range of mechanisms have supplemented the overall cooperation in economic and financial sectors among the Member States to achieve SAEU in a phased and planned manner through a Free Trade Area, a Customs Union, a Common Market, and a Common Economic and Monetary Union.
The President FPCCI lauded the resolve of Finance Minister Ishaq Dar to establishing SAEU to ensure regional development while rooting out poverty, hunger and illiteracy from the region which was once very rich.
"I have no doubt that Saarc nations would join hands for SAEU to provide a viable way of getting over one billion people of our region out of poverty through regional cooperation which is the only option for rapid socio-economic progress," he added.
A special focus would be on moving from South Asian Free Trade Area (SAFTA) to South Asian Economic Union (SAEU
), he said.
He said that they also stressed the need for strengthening regional trade through full and expeditious implementation of South Asian Free Trade Agreement (SAFTA) in order to achieve deeper integration and move towards SAEU
and also to bring down tariffs, eliminate NTBs/PTBs, reduce sensitive lists for enhanced intra-regional trade under SAFTA;
Implementing agency : Saeu
Bosc Roger Saint Ouen du Tilleul
The leaders renewed their commitment to achieve South Asian Economic Union (SAEU
) in a phased and planned manner through a Free Trade Area, a Customs Union, a Common Market, and a Common Economic and Monetary Union.
Major organization : SAEU
BOSC ROGER SAINT-OUEN-DU-TILLEUL