17th SAARC Summit Concludes With Pacts On Regional Cooperation

New Delhi, Nov 12, IRNA -- The 17th SAARC Summit Friday reached a series of agreements on regional cooperation and decided to consider reducing non-tariff barriers and ad valorem duties to promote freer trade. The Heads of the State and Governments unanimously adopted the Addu declaration. The announcement on the agreements was made by host Maldivian President Mohammad Nasheed in the concluding session of the two-day 17th SAARC Summit, which was held for the first time in at Addu in Maldives, the southern most point of the island lying south of Equator. Nasheed said the Summit agreed that the SAARC Ministerial Council will work on reducing non-tariff barriers and ad valorem duties to promote trade in the region. In this context, Nasheed welcomed Prime Minister Manmohan Singh's announcement yesterday of India's decision to slash the sensitive list for Least Developed Countries under SAFTA from 480 tariff lines to just 25. Singh had also announced that zero basic customs duty access will be given for all items removed with immediate effect. The Maldivian President said the Summit also mandated the Finance Ministers to discuss a mechanism to promote capital flows and investment, pti reported. 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. Meanwhile, it was announced that the next SAARC summit will be held in Nepal This was announced by Maldivian President Mohammad Nasheed at the concluding ceremony of the two-day 17th SAARC summit. The declaration by host Nasheed was greeted by those gathered at the convention centre. The concluding ceremony was attended among others by Prime Minister Manmohan Singh. Bhattarai thanked SAARC leaders for giving Nepal an opportunity for hosting the next summit. The South Asian Association for Regional Cooperation (SAARC) is an organisation of South Asian nations, founded in December 1985 with seven members. Afghanistan joined the organization in 2005. Its eight members are Afghanistan, Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan and Sri Lanka. SAARC aims to promote the welfare of the peoples of South Asia and to improve their quality of life through accelerated economic growth, social progress and cultural development in the region, according to its charter./end