SAARC leaders pledge to promote regional trade

Male, Nov 12 (ANI): South Asian Association for Regional Cooperation (SAARC) leaders concluded a two-day summit here on Friday, pledging to promote regional trade and facilitate communications and travel among their countries.

The summit adopted the 'Addu Declaration,' which lays emphasis on effective implementation of the South Asian Free Trade Area (Safta) accord, reduction in sensitive lists and resolution of the issue of non-tariff barriers among the SAARC nations, the Dawn reports.

It also said that measures should be taken to promote free flow of capital and investment, and improve connectivity within the region.

Maldives President Mohamed Nasheed said that the eight-member group had agreed to increase trade and economic cooperation through a string of agreements, including one on railways and motor vehicles.

He said the foreign ministers had been asked to work out timelines and other details.

According to reports, the declaration pledged to direct the finance ministers of SAARC states to prepare a proposal to allow for greater flow of financial capital and intra-regional long-term investment; to hold the 12th Saarc Trade Fair along with a travel and tourism fair in Kulhudhuffushi, Maldives, next year; and to develop modalities, by involving the private sector, to promote the region globally as 'Destination South Asia'. (ANI)