SAARC Summit keen on deepening regional cooperation

The South Asian Association for Regional Cooperation (SAARC) in its Kathmandu Declaration looked towards the deepening of regional cooperation among the member nations, also renewing their commitment towards the creation of the South Asian Economic Union (SAEU).

In a statement released at the end of the summit, the leaders of the SAARC nations reaffirmed that they were determined to deepen regional integration for peace and prosperity by promoting mutual trust, amity, understanding, cooperation and partnership amongst each other.

"The Heads of State or Government expressed their strong determination to deepen regional integration for peace, stability and prosperity in South Asia by intensifying cooperation, inter alia, in trade, investment, finance, energy, security, infrastructure, connectivity and culture; and implementing projects, programmes and activities in a prioritized, result-oriented and time-bound manner," the statement read.

On the creation of the SAEU, the statement said that the leaders of all SAARC nations renewed their commitment towards the creation of the forum. "The leaders renewed their commitment to achieve SAEU in a phased and planned manner through a free trade area, a customs union, a common market, and a common economic and monetary union," the statement read.

"The leaders acknowledged that SAARC member states, particularly the least developed and landlocked member states, face structural constraints and challenges that result in their weak productive capacity affecting their competitiveness in external trade due to, among others, high trade and transit cost.

" They committed to enhance support to the least developed and landlocked member states in their development efforts, with a view to ensuring equitable benefits of free trade arrangements. In this context, they agreed to effectively implement the existing preferential facilities under SAFTA and SATIS," the statement added.

The 18th SAARC Summit concluded with all participating leaders agreeing to the 36-point Kathmandu Declaration Letter.

The next SAARC Summit is scheduled to be held in Islamabad in 2016.