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SAEUSouth Asian Economic Union
SAEUSouthern Africa Extension Unit (Tanzania)
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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 expressed the confidence that the vision of South Asian Economic Union will promote economic cooperation, investment and connectivity amongst the regional countries.
In the 11th summit held early this year, SAARC countries also agreed to a long-term goal of a South Asian economic union.
Malik said that South Asia had second highest intra-regional trade costs and underlined the need for a South Asian economic union with greater connectivity and forward movement on pending agreements among member states including rail, energy, highways, cargo and ferry services among the our ports.
Nepal and Pakistan are signatories to the South Asia Free Trade Agreement (SAFTA) and members of the South Asian Economic Union.
The foreign ministers will also consider the broad vision presented by a group of eminent persons about the desirability of a South Asian economic union, Mahat said.
He recalled that at the 18th SAARC Summit, the regional leaders renewed their commitment to achieve the eventual goal of the South Asian Economic Union in a phased and planned manner through concrete measures.
ISLAMABAD -- The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has assured it's full cooperation in making the South Asian Economic Union (SAEU) a real success.
Islamabad -- The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Sunday said it will fully cooperate with the government in making South Asian Economic Union (SAEU) a reality as soon as possible as it is need of the hour.
He expressed the hope that the dream of establishing South Asian Economic Union (SAEU) would be materialized soon to ensure regional development and pull the people of the region out from poverty and hunger.
We are now moving from South Asian Free Trade Area (SAFTA) to South Asian Economic Union," he said while addressing a press conference
Officials say the delegates discuss proposal to move from South Asian Free Trade Area (SAFTA) to South Asian Economic Union (SAEU), focus on customs-related trade facilitation measures, finalizing the draft on SAARC Agreement on Promotion and Protection of Investment, implementation of SAARC Agreement on Trade in Services (SATIS), Avoidance of Double Taxation and Mutual Administrative Assistance in Tax Matters and Transactions in Local Currencies.
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