"Strong, sound, coherent and synchronised financial system is an integral component of regional economic co-operation, which would create preferences for increase in cross-border trade and investment opportunities and encourages flow of capital amongst Saarc member countries."
It was stated in a presentation of Saarc Chamber of Commerce & Industry (SCCI), which was presented to meeting of Saarc Finance Meeting organised by Asian Development Bank and South Asian Association for Regional co-operation held on Friday at New Delhi, India. President SCCI, Vikrmajit Singh Sahney and Muhammad Iqbal Tabish, Secretary General, presented copies of the brief report on financial integration of South Asia to the Finance Ministers including P. Chidambrum from India and his counterparts from Afghanistan, Bhutan, Maldives, Sri Lanka, Bhutan, Governor Central Bank Nepal and Muhammad Shehzad Arbab, Secretary Economic Affairs, Pakistan.
The SCCI report recommends regional Financial Co-operation Framework, which included several measures like investment through automatic route, privileged visa regime for investors, movement of natural persons under Article IV of GATT to promote labour mobility by allowing work visas, integrating transport and warehousing infrastructure, access to financial facility ie local subsidies and working capital facility, legal cover in the event of political upheaval/ sovereign guarantee, avoidance of double taxation treaty at regional level, currency swap-trade and investment provision in local currency, investment-specific dispute resolution mechanism, opening of bank branches in all member countries on reciprocal basis.-PR
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