The Hindu Business Line : CII outlines 15-point agenda for SAARC co-operation

IN an effort to promote co-operation between the seven-member regional grouping of the South Asian Association of Regional Co-operation (SAARC), the Confederation of Indian Industry has outlined a 15-point agenda for co-operation covering diverse sectors including financial, agriculture and entrepreneurship.

The agenda, which was released on the eve of the 12th SAARC summit meet in Islamabad, has the underlying objective of doubling trade within the region.

The agenda has been outlined in a paper called `South Asia - Regional Economic and Trade Co-operation'. The paper says that completion of South Asian Free Trade Agreement (SAFTA) and the regional Preferential Trade Agreement (SAPTA) by 2005 is a must to ensure doubling of current level of $6 billion intra-SAARC trade and to continue to double the trade every 5 years.

The paper states that the way forward in the financial sector would be by setting up a regional fund to help countries of the region carry out necessary stabilisation programmes and overcome fiscal problems. The paper also suggests establishing a regional fund for development of infrastructure and setting up of a South Asian Institute for Bankers. Besides, it has also proposed that potential investors from South Asian countries be allowed to invest in Indian stock exchanges.

In the agriculture sector, the paper has said that it is essential to put in place an extensive network of co-operation for development of agriculture and rural economy.

Besides, establishment of a South Asian centre for agricultural research and extension centres in order to help smaller economies modernise their agricultural operations and encourage greater focus on solutions to common problems, also holds the key for better relations within the region, the paper adds.

In order to promote intra-regional investment, the paper has proposed the establishment of an intra-regional treaty on investment promotion with thrust on protection of investment. It also said that elimination of non-tariff barriers (including customs hurdles) through trade facilitation measures and harmonisation of product standards and technical specifications in a time bound programme are key towards SAARC co-operation.

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CII outlines 15-point agenda for SAARC co-operation

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