Kathmandu: Aiming to transform the region into a vibrant economic zone, the Saarc on Thursday resolved to set up a South Asian Economic Union on the lines of Euro-pean Union by facilitating a common market and removing trade barriers.
At the two day Saarc summit, leaders of the regional grouping held elaborate discussion on exploiting untapped potential of trade and decided to work with a renewed vigour to remove the bottlenecks to make the region a thriving hub of trade and commerce.
“The leaders renewed their commitment to achieve South Asian Economic Union in a phased and planned manner through a free trade area, a customs union, a common market, and a common economic and monetary union,” a declaration issued at the end of the summit said.
To facilitate increased trade, the leaders also favoured streamlining and simplification of customs procedures, elimination of non-tariff and paratariff barriers and setting up of a smooth and efficient transit and transport facilities.
They also called for early operationalisation of SATIS (SAARC Agreement on Trade in Services) which is expected to spur growth significantly.
