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| South Asia leaders pledge greater economic integration |
| Press Trust Of India / Colombo Aug 04, 2008, 00:49 IST |
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Leaders of South Asia today noted with concern the threat of escalating oil prices looming over the energy security of the region and pledged greater economic integration through trade in services and mutual investment protection.
“Escalation of oil prices threaten both the energy security of the region as well as the economic growth witnessed in South Asia,” the declaration adopted by the heads of states or governments of eight-nation South Asia Association for Regional Cooperation (Saarc) said here.
The declaration adopted at the conclusion of the 15th Saarc Summit observed “increased access to energy is critical for fulfilling the legitimate expectations of growth and development in South Asia”.
It underscored the “urgent need” to develop the regional hydro potential, grid connectivity and gas pipelines. The possibility of a regional inter-government framework may be explored to facilitate such an endeavour.
South Asia, which meets bulk of its oil requirements through imports, has come under increased economic stress because of the runaway rise in the fuel prices in the last few months. The crude prices are currently ruling in the range of $123 a barrel, off a record high $147 a barrel.
Directing their governments to expedite the collaborative telecommunication projects, the leaders welcomed the decision of the SAFTA Ministerial Council to commence negotiations on the Framework Agreement on Trade in Services.
Towards achieving further economic integration, they directed that the Draft Agreement on Investment Promotion and Protection would be finalised early and the SAARC Arbitration Council would be operationalised.
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