South Asian Association of Regional Countries (Saarc) members have failed to resolve differences on four draft agreements which were expected to be finalised during the two-day (November 22-23) meeting which concluded in Islamabad on Tuesday, sources close to the meeting told Business Recorder. "Saarc member countries had wide range of differences on the issues relating to customs, protection of investment, Saarc arbitration council, Saarc arbitration rules and avoidance of double taxation," they added.
However, according to an official announcement, the members emphasised the need to finalise negotiations on the four draft agreements in the field of trade facilitation so that the pact could be inked during the coming 13th Saarc summit scheduled to be held in Dhaka on January 9-11 next year.
After the conclusion of two days' meeting the Commerce Ministers and officials of Saarc member countries announced the decisions taken in a press conference.
Humayun Akhtar said that the meeting also emphasised the need to enter into regional mutual recognition arrangement/agreement in standards, testing facilities and conformity assessment procedures on priority basis to improve quality of goods in the region for Safta on January 1, 2006.
According to the Minister the meeting noted the importance of Saarc trade fairs in showcasing the business potential of the region and promoting the networking of the South Asian business community, and welcomed the holding of the Sixth Saarc Trade Fair scheduled to be held in New Delhi on January 6-10, 2005.
The meeting emphasised the need to complete the negotiations on the four outstanding issues viz (i) sensitive lists, (ii) technical assistance to the least developed contracting states, (iii) Rules of Origin, and (iv) Mechanism for Compensation of Revenue Loss for the Least Developed Contracting States, by May, 2005, in order to ensure that Safta would enter into force on January 1, 2006, as mandated by the Saarc leaders in the 12th Saarc Summit at Islamabad on January 9-11, 2004.
The meeting considered the recommendations of the 12th meeting of the CEC on the 'Concept Paper' prepared by India on Saarc High Economic Council. It approved the recommendations made by the CEC that Member States would send their comments to the Secretariat for consideration during the 13th Meeting of the Committee on Economic Cooperation to be held in Bangladesh.
The meeting considered the recommendations of the 12th meeting of the CEC on the Concept Paper prepared by India on Saarc Infrastructure Fund and approved its recommendation that in the first instance advice of the Saarc finance may be obtained about the conceptual viability and feasibility of the proposal.
The meeting held detailed discussion on the proposal of Sri Lanka to make a formal request to European Commission to grant benefits of Super-Regional Cumulation (SRC) covering both Saarc and Asean under its GSP Scheme.
It approved the recommendation of the 12th meeting of the CEC that a Special Committee examine the proposal. It requested the member states to convey their comments on the proposal to Saarc Secretariat for discussion in the Special Committee to be hosted by Sri Lanka in the first quarter of 2005. The recommendations of the Special Committee will be discussed during the 13th meeting of the Committee on Economic Cooperation.
It was also agreed that the Special Committee shall also examine the possibility of enhanced economic and trade co-operation with other Regional Groupings like Asean and EU.
The meeting emphasised the need to evolve common Saarc position on issues of common concern before WTO, keeping in view the long-term perspective. The meeting agreed to intensify consultations among the Permanent Representatives of Saarc member states in Geneva.
It further agreed that a meeting of Saarc Commerce Ministers may be held in advance of the Sixth WTO Ministerial Conference to be held in Hong Kong on December 13-18, 2005. Permanent Representatives of the Saarc member states at WTO will also accompany the Commerce Ministers.
Commerce Minister of Bangladesh Air Vice Marshal (Retd) Altaf Hossain Chowdhury, Kamal Nath, Minister of Commerce and Industry of India; Ishwar Pokharel, Minister for Industry, Commerce and Supplies of Nepal, and officials of Bhutan and Sri Lanka were also present in the press conference.
Comments
Comments are closed.