The South Asian Federation of Exchanges (SAFE) was recently invited to attend a Colloquium organised by the South Asian Association for Regional Cooperation (SAARC) on the management of Stock Exchange systems and Regulation of Securities Markets in the South Asian region.
Organized at the SAARC Secretariat in Kathmandu, Nepal the deliberations which spanned over two days (21st-22nd April) aimed at the commencement of dialogue between member states outlining concrete steps for the development of the South Asian capital markets.
In the Second Meeting of SAARC Finance Ministers held in 2007 it was decided that an expert group would be set up specializing in the development of South Asia’s Capital markets which would make specific recommendations in the form of a report for consideration in the Third Meeting of SAARC Finance Secretaries. These recommendations would then be put forth for implementation in the respective SAARC member states.
SAFE, a SAARC recognized body noted as an authority in the field was invited to assist in chalking out the said report which broadly encompassed the following topics: “management of stock exchange systems and the regulation of Securities Markets; regulation and management of involvement of private operators in the Securities Markets; and lastly, improvements in the functioning of banking systems.”
At the meeting Aftab Ahmad Ch. Secretary General SAFE stated, “this meeting will prove ideal in advancing the agenda of the regions securities markets. With the ultimate goal being regional capital market integration we have today taken the first step in achieving these goals through constructive dialogue.”
With representation at the colloquium stemming from Bangladesh, Bhutan, India, Nepal, and Pakistan the final report outlined the short, medium and long term objectives whose adoption would allow for across the board structured capacity building in SAARC member countries, whereby addressing the different levels of development prevailing in the capital markets of South Asia.
The SAFE is a forum which promotes the development of the regions securities markets. SAFE comprises of twenty member entities from eight South Asian countries which include Bombay Stock Exchange, Chittagong Stock Exchange, Colombo Stock Exchange, Dhaka Stock Exchange, Islamabad Stock Exchange, Karachi Stock Exchange, Maldives Stock Exchange (Pvt) Ltd, National Stock Exchange of India, Nepal Stock Exchange, the Stock Exchange of Mauritius Limited, and the Royal Securities Exchange of Bhutan. SAFE is registered as a “Not for Profit” entity, with its permanent Secretariat located in Islamabad, Pakistan.
Source: http://www.dailytimes.com.pk
Showing posts with label SAFTA. Show all posts
Showing posts with label SAFTA. Show all posts
Tuesday, April 29, 2008
Wednesday, May 16, 2007
DUTY FREE ACCESS TO LDC COUNTRIES
During the Fourteenth SAARC Summit held in New Delhi on 3-4 April, 2007, India announced its decision to allow duty free access to India to the Least Developed Countries (LDCs) of SAARC which are signatories of the Agreement on South Asian Free Trade Area (SAFTA), before the end of this year.
These LDC countries are Bangladesh, Bhutan, Maldives and Nepal. Afghanistan, which was inducted as a member of SAARC during the Fourteenth SAARC Summit would also be an LDC and signatory of SAFTA after completing the required formalities. In terms of the phased Trade Liberalization Programme (TLP) of SAFTA, which has become operational from 1st July 2006, India as a Non-Least Developed Country (NLDC) of SAARC and signatory of SAFTA, had already decided to reduce tariffs to zero percent for SAARC LDCs, except on the items kept in the Sensitive List, by 31.12.2008.
With the present decision India would complete SAFTA TLP for LDCs one year in advance. India has already been giving market access to Nepal and Bhutan as per the bilateral Trade agreements signed with these countries. Except Bangladesh the export potential of Maldives and Afghanistan, which has become new member of SAARC is not significant. Further, SAFTA tariff concessions for LDCs would exclude those items kept in the Sensitive List of India under SAFTA. The present decision is therefore not likely to have any serious impact on Indian industry and trade.
This was stated by the Minister of State for Commerce, Shri Jairam Ramesh, in a written reply in the Lok Sabha today.
- PIB -
These LDC countries are Bangladesh, Bhutan, Maldives and Nepal. Afghanistan, which was inducted as a member of SAARC during the Fourteenth SAARC Summit would also be an LDC and signatory of SAFTA after completing the required formalities. In terms of the phased Trade Liberalization Programme (TLP) of SAFTA, which has become operational from 1st July 2006, India as a Non-Least Developed Country (NLDC) of SAARC and signatory of SAFTA, had already decided to reduce tariffs to zero percent for SAARC LDCs, except on the items kept in the Sensitive List, by 31.12.2008.
With the present decision India would complete SAFTA TLP for LDCs one year in advance. India has already been giving market access to Nepal and Bhutan as per the bilateral Trade agreements signed with these countries. Except Bangladesh the export potential of Maldives and Afghanistan, which has become new member of SAARC is not significant. Further, SAFTA tariff concessions for LDCs would exclude those items kept in the Sensitive List of India under SAFTA. The present decision is therefore not likely to have any serious impact on Indian industry and trade.
This was stated by the Minister of State for Commerce, Shri Jairam Ramesh, in a written reply in the Lok Sabha today.
- PIB -
Friday, March 30, 2007
Afghanistan to join SAARC : Food bank, regional university on summit agenda
Upcoming 14th SAARC Summit being held in New Delhi on April 3-4 would ratify proposals on establishing regional food bank and a South Asian University, while a joint declaration would formalise entry of Afghanistan as the eighth member of SAARC, Foreign Ministry sources said Wednesday.
The Summit meeting agenda would also particularly consider on the South Asia Free Trade Agreement (SAFTA) and relaxing of visa policy between the member countries. Other major agendas include controlling terrorism and bolstering connectivity among the member states.
The member countries have already exercised and agreed on the three major issues in the ministerial and secretary level talks earlier and a meeting of the state heads would formalise them during the Summit meeting.
The proposed regional food bank would be established to meet the growing pressure on food security in the region. "The food bank will come into operation to meet the exigencies during calamities so that the SAARC member states could immediately tackle the crisis," the source said.
Once the deal is finalised, the food bank will start initially with a reserve of 241,580 tons of food grain, which would be gradually increased.
According to the proposal, India will contribute 153,200 tons of food grain while Pakistan and Bangladesh 40,000 tons each, Sri Lanka and Nepal 4,000 tons each, Maldives 200 tons and Bhutan 180 tons of food grain.
Connectivity to bolster economic ties through freer movement of goods and enhancing people-to-people contact between the regional countries will also be among the thrust areas in the next month's SAARC summit.
The three aspects of connectivity will be physical connectivity in terms of concrete infrastructural projects, economic connectivity through freer movement of goods and trade, and connectivity of ideas and people through increased people to people contact rather than a mere inter-governmental process.
For the first time, five observers from China, Japan, Korea, USA and the European Union will be attending the summit.
During the meeting, modalities are expected to be worked out in the preparatory meeting for operationalising a 'SAARC development fund' by wrapping up the proposed 100 million dollars fund for poverty alleviation in SAARC countries and South Asia development fund.
Under the proposed telemedicine network project the hospitals in SAARC countries would be connected to the super-speciality hospitals in India.
Source: The Rising Nepal
The Summit meeting agenda would also particularly consider on the South Asia Free Trade Agreement (SAFTA) and relaxing of visa policy between the member countries. Other major agendas include controlling terrorism and bolstering connectivity among the member states.
The member countries have already exercised and agreed on the three major issues in the ministerial and secretary level talks earlier and a meeting of the state heads would formalise them during the Summit meeting.
The proposed regional food bank would be established to meet the growing pressure on food security in the region. "The food bank will come into operation to meet the exigencies during calamities so that the SAARC member states could immediately tackle the crisis," the source said.
Once the deal is finalised, the food bank will start initially with a reserve of 241,580 tons of food grain, which would be gradually increased.
According to the proposal, India will contribute 153,200 tons of food grain while Pakistan and Bangladesh 40,000 tons each, Sri Lanka and Nepal 4,000 tons each, Maldives 200 tons and Bhutan 180 tons of food grain.
Connectivity to bolster economic ties through freer movement of goods and enhancing people-to-people contact between the regional countries will also be among the thrust areas in the next month's SAARC summit.
The three aspects of connectivity will be physical connectivity in terms of concrete infrastructural projects, economic connectivity through freer movement of goods and trade, and connectivity of ideas and people through increased people to people contact rather than a mere inter-governmental process.
For the first time, five observers from China, Japan, Korea, USA and the European Union will be attending the summit.
During the meeting, modalities are expected to be worked out in the preparatory meeting for operationalising a 'SAARC development fund' by wrapping up the proposed 100 million dollars fund for poverty alleviation in SAARC countries and South Asia development fund.
Under the proposed telemedicine network project the hospitals in SAARC countries would be connected to the super-speciality hospitals in India.
Source: The Rising Nepal
Leaders of Sri Lanka, Pak, Afghanistan to get extra security during SAARC summit
Leaders of Sri Lanka, Pakistan and Afghanistan, three of the world's most volatile countries, will get extra security during the 14th SAARC summit here from April 3.
Source: Islamic Republic New Agency
"We have decided to tighten security for participants of these countries because of the threat perceptions. Their movements will be closely choreographed," said a senior security official overseeing arrangements, reported here The Times of India.
The summit is expected to see the participation of India, Bangladesh, Pakistan, the Maldives, Sri Lanka, Bhutan, Nepal and new member Afghanistan.
Security will be the tightest for Prime Minister Shaukat Aziz of Pakistan and Presidents Mahinda Rajapakse of Sri Lanka and Hamid Karzai of Afghanistan.
While militants including the Taliban and Al Qaeda are active both in Pakistan and Afghanistan, the Tamil Tigers have dramatically stepped up their campaign against the Sri Lankan state.
Routes from hotels to Vigyan Bhavan, where the South Asian Association for Regional Cooperation (SAARC) summit will take place, will be sanitized and entry of visitors to the hotels will be strictly monitored.
Separate communication networks have been set up in the four hotels where the delegates will stay and they will be connected to the Delhi Police headquarters. No other guest will be allowed to stay on floors occupied by the delegates.
"This is to keep an eye on even the smallest movement inside the hotel premises," said a police officer.
Elite commandos of the National Security Guard (NSG) will assist Delhi Police in carrying out anti-sabotage checks before the arrival of the eight heads of government and state.
Quick reaction teams have also been positioned at hotels and the summit venue to meet any exigency.
The forested ridge area behind the Maurya Sheraton hotel will be barbed and added patrolling has been ordered.
"We will also deploy excess staff at all transit points and security drills would be conducted every day before the arrival of the VIPs," the officer said.
Close circuit television cameras will be put up at all vantage points.
In this year's summit, the US, China, Japan, the European Union and South Korea have been invited for the first time as observers.
Chinese Foreign Minister Li Zhaoxing, Japanese Foreign Minister Taro Aso, and South Korean Foreign and Trade Minister, Song Min-soon, will represent their countries.
The US is likely to be represented by Assistant Secretary of State Richard Boucher and the EU by its New Delhi-based envoy. Observers have been invited to the open plenary and closing meetings.
Source: Islamic Republic New Agency
Goals Of SAFTA : Economic Liberalisation
By Shankar Acharya
Indeed, today is the world of economic liberalisation and globalisation. Trade is, thus, the most important and powerful engine of economic development. Poverty alleviation, accelerated economic co-operation, social sector development, tourism, and people-to-people contact are some of the core areas of regional economic integration, which can bring prosperity to the people and nations of the region.
SAFTA is set to bring the aforesaid economic activities among the member states in the future. The contracting states, except Nepal, had agreed to reduce tariffs under the trade liberalisation programme (TLP) on July 1, 2006. Nepal did so a month later on August 1. Tariff reduction under the first phase of SAFTA is 20% by all non-LDC members, and will be 30% by the LDC members within two years of the TLP.
Trade
SAFTA came into existence with the aim of reducing tariffs for intra-regional trade among the seven SAARC members. India and Pakistan are to implement it by 2013, Sri Lanka by 2014, and Bangladesh, Bhutan, Maldives and Nepal by 2015. The tariff reduction until the December 31, 2015 would be 0-5% by all the contracting states. But the member states have yet to notify of the tariff reduction.
It is now time to review the implementation of SAFTA. The Framework Agreement of SAFTA has indicated that the SAFTA Committee of Experts shall meet at least once every six months or more often as and when considered necessary by the contracting states.
Presently, SAFTA has only seven members, including three Non-Least Developed Contracting States (Non-LDCs) and four Least Developed Contracting States (LDCs). But, the Islamic Republic of Afghanistan will become a new member of SAARC and SAFTA Agreement also. Hence, the committee of experts had discussed about its membership and obligations to implement the SAFTA within a time bound framework.
Para-tariff and Non-tariff measures are the most important factors hindering trade among the member states. Thus, the member states have notified that type of barriers through the SAARC Secretariat to each of the contracting parties. The successful implementation of SAFTA will depend on removing the para-tariff measures (PTMs) and non-tariff measures (NTMs) imposed by the member states.
The contracting states have to be liberal with each other in sharing the benefits equally and reducing the non-tariff measures/barriers. In the meantime, the lists of measures taken by the member states have been seen at the larger areas. It is being played the inverse situation on the free trade area.
So, the meeting was near the compromise, and it would be better and fruitful, if the member states focused on timely removal of these trade barriers by all member countries. Further, the meeting had been productive, because the member states agreed to provide the information relating to the NTMs and PTMs being currently applied by them on their imports.
The sensitive list is a main provision in the SAFTA agreement. It is a means of restricting products from other member countries from entering one's country through tariffs. The issue of sensitive list saw heated among the contracting parties during the meetings of the Committee of Experts (CoE). In the SAFTA sensitive list, member states include potential export items such as agriculture products, tea, ghee, diary products and handicrafts.
The Agreement provides for periodic reviews of the Sensitive Lists. In order to protect relevant domestic industries, it has also been agreed that the non-LDC members may have two lists- one for the non LDCs and the other for the LDCs. India's sensitive list for the LDCs has 763 items, while it has kept 884 items for the non-LDCs.
Nepal's final indicative list for the non-LDCs has 1,335 items while the list for LDCs has 1,299 items. Bangladesh has kept 1,254 items in its sensitive list for the non-LDCs and 1,249 items for the LDCs.
Similarly Pakistan has kept a single list of 1,183 items for both the non-LDCs and LDCs. Sri Lanka has kept 1,065 items in its single sensitive list. and Bhutan's single sensitive list contains 167 items. The Maldives has put 671 items in its sensitive list for all. Indeed, we are moving the free market regime to obtain the benefits and to increase the intra-regional trade volume within the region. So, we have to more liberal and with the help of reduced sensitive items and we should put more products in the open market baskets. It is being observed that the sensitive list shall be reviewed in the forthcoming meeting. Furthermore, this meeting had discussed quantitative restriction (QR) under Article 7(5) of SAFTA Agreement.
SAFTA Agreement has mentioned a separate Article on working procedure about the dispute settlement mechanism for smooth operation of SAFTA. The meeting drew the attention of the delegation of all members viewing on establishment of a panel of specialists under Article 20(8) of the SAFTA Agreement.
Currently, SAFTA Agreement has covered only Trade in Goods among the member states. Trade on services is the emerging issue in the South Asian Trade. Therefore, the meeting has discussed and gave a fertile attention for study on incorporating Trade in Services in SAFTA Agreement.
SAARC Regional Multimodal Transport Study (SMRTs), with funding from Asian Development Bank has been completed. The Second Ministerial Council Meeting considered the report of the second meeting of the SAFTA COEs. In addition, It had also discussed the status of SMRTs report.
India and Pakistan are the biggest player of the SAARC nations. But, they have a great unsolved political issue that is hindering several economic sectors of both countries. Formal trade between the two countries is very low, but informal trade is very high due to the political aspect. Pakistan has ratified the SAFTA Agreement, but it has mentioned 'Pakistan does not like to give the Most Favoured Nation (MFN) treatment to India' only. The trade liberalization process under SAFTA mostly depends on Indian interest because SAARC regional imports are dominated mostly by exports from India, which accounts for nearly 90 per cent of its regional trade. While the region absorbs five per cent of India's total exports, only one per cent of India's imports come from the region.
Finally, SAFTA has been running since last year. The implementation of SAFTA is a crucial issue of the region. In the intra-regional trade among the countries is only 4 percent. So SAFTA provides tremendous opportunity to boost trade among the member states.
Consensus
South Asian Association for Regional Cooperation (SAARC) organized the Second SAFTA Committee of Experts (COEs) and the Second Ministerial Council (MC) meeting on 24-26, February 2007 in Kathmandu. These meetings had discussed the various issues including Non-tariff, para-tariff barriers and Non-compliance of SAFTA Agreement by Pakistan. The heads of the Indian and the Pakistan delegation have agreed to build a positive consensus to hold a bilateral meeting between the two countries before the next SAFTA COEs. This compromise position had created harmony at the meeting. It will create a congenial environment amongst all members for the successful implementation of SAFTA, because the success of SAARC will depend on the effective achievement of SAFTA.
Source:
Indeed, today is the world of economic liberalisation and globalisation. Trade is, thus, the most important and powerful engine of economic development. Poverty alleviation, accelerated economic co-operation, social sector development, tourism, and people-to-people contact are some of the core areas of regional economic integration, which can bring prosperity to the people and nations of the region.
SAFTA is set to bring the aforesaid economic activities among the member states in the future. The contracting states, except Nepal, had agreed to reduce tariffs under the trade liberalisation programme (TLP) on July 1, 2006. Nepal did so a month later on August 1. Tariff reduction under the first phase of SAFTA is 20% by all non-LDC members, and will be 30% by the LDC members within two years of the TLP.
Trade
SAFTA came into existence with the aim of reducing tariffs for intra-regional trade among the seven SAARC members. India and Pakistan are to implement it by 2013, Sri Lanka by 2014, and Bangladesh, Bhutan, Maldives and Nepal by 2015. The tariff reduction until the December 31, 2015 would be 0-5% by all the contracting states. But the member states have yet to notify of the tariff reduction.
It is now time to review the implementation of SAFTA. The Framework Agreement of SAFTA has indicated that the SAFTA Committee of Experts shall meet at least once every six months or more often as and when considered necessary by the contracting states.
Presently, SAFTA has only seven members, including three Non-Least Developed Contracting States (Non-LDCs) and four Least Developed Contracting States (LDCs). But, the Islamic Republic of Afghanistan will become a new member of SAARC and SAFTA Agreement also. Hence, the committee of experts had discussed about its membership and obligations to implement the SAFTA within a time bound framework.
Para-tariff and Non-tariff measures are the most important factors hindering trade among the member states. Thus, the member states have notified that type of barriers through the SAARC Secretariat to each of the contracting parties. The successful implementation of SAFTA will depend on removing the para-tariff measures (PTMs) and non-tariff measures (NTMs) imposed by the member states.
The contracting states have to be liberal with each other in sharing the benefits equally and reducing the non-tariff measures/barriers. In the meantime, the lists of measures taken by the member states have been seen at the larger areas. It is being played the inverse situation on the free trade area.
So, the meeting was near the compromise, and it would be better and fruitful, if the member states focused on timely removal of these trade barriers by all member countries. Further, the meeting had been productive, because the member states agreed to provide the information relating to the NTMs and PTMs being currently applied by them on their imports.
The sensitive list is a main provision in the SAFTA agreement. It is a means of restricting products from other member countries from entering one's country through tariffs. The issue of sensitive list saw heated among the contracting parties during the meetings of the Committee of Experts (CoE). In the SAFTA sensitive list, member states include potential export items such as agriculture products, tea, ghee, diary products and handicrafts.
The Agreement provides for periodic reviews of the Sensitive Lists. In order to protect relevant domestic industries, it has also been agreed that the non-LDC members may have two lists- one for the non LDCs and the other for the LDCs. India's sensitive list for the LDCs has 763 items, while it has kept 884 items for the non-LDCs.
Nepal's final indicative list for the non-LDCs has 1,335 items while the list for LDCs has 1,299 items. Bangladesh has kept 1,254 items in its sensitive list for the non-LDCs and 1,249 items for the LDCs.
Similarly Pakistan has kept a single list of 1,183 items for both the non-LDCs and LDCs. Sri Lanka has kept 1,065 items in its single sensitive list. and Bhutan's single sensitive list contains 167 items. The Maldives has put 671 items in its sensitive list for all. Indeed, we are moving the free market regime to obtain the benefits and to increase the intra-regional trade volume within the region. So, we have to more liberal and with the help of reduced sensitive items and we should put more products in the open market baskets. It is being observed that the sensitive list shall be reviewed in the forthcoming meeting. Furthermore, this meeting had discussed quantitative restriction (QR) under Article 7(5) of SAFTA Agreement.
SAFTA Agreement has mentioned a separate Article on working procedure about the dispute settlement mechanism for smooth operation of SAFTA. The meeting drew the attention of the delegation of all members viewing on establishment of a panel of specialists under Article 20(8) of the SAFTA Agreement.
Currently, SAFTA Agreement has covered only Trade in Goods among the member states. Trade on services is the emerging issue in the South Asian Trade. Therefore, the meeting has discussed and gave a fertile attention for study on incorporating Trade in Services in SAFTA Agreement.
SAARC Regional Multimodal Transport Study (SMRTs), with funding from Asian Development Bank has been completed. The Second Ministerial Council Meeting considered the report of the second meeting of the SAFTA COEs. In addition, It had also discussed the status of SMRTs report.
India and Pakistan are the biggest player of the SAARC nations. But, they have a great unsolved political issue that is hindering several economic sectors of both countries. Formal trade between the two countries is very low, but informal trade is very high due to the political aspect. Pakistan has ratified the SAFTA Agreement, but it has mentioned 'Pakistan does not like to give the Most Favoured Nation (MFN) treatment to India' only. The trade liberalization process under SAFTA mostly depends on Indian interest because SAARC regional imports are dominated mostly by exports from India, which accounts for nearly 90 per cent of its regional trade. While the region absorbs five per cent of India's total exports, only one per cent of India's imports come from the region.
Finally, SAFTA has been running since last year. The implementation of SAFTA is a crucial issue of the region. In the intra-regional trade among the countries is only 4 percent. So SAFTA provides tremendous opportunity to boost trade among the member states.
Consensus
South Asian Association for Regional Cooperation (SAARC) organized the Second SAFTA Committee of Experts (COEs) and the Second Ministerial Council (MC) meeting on 24-26, February 2007 in Kathmandu. These meetings had discussed the various issues including Non-tariff, para-tariff barriers and Non-compliance of SAFTA Agreement by Pakistan. The heads of the Indian and the Pakistan delegation have agreed to build a positive consensus to hold a bilateral meeting between the two countries before the next SAFTA COEs. This compromise position had created harmony at the meeting. It will create a congenial environment amongst all members for the successful implementation of SAFTA, because the success of SAARC will depend on the effective achievement of SAFTA.
Source:
Wednesday, March 28, 2007
Saarc summit to focus on Safta, visa policy
ISLAMABAD: The South Asian Association for Regional Cooperation (Saarc) summit meeting agenda would particularly focus on the South Asia Free Trade Agreement (Safta) and softening of visa policy between the member countries would also be considered.
“A meeting of the programming committee of the Saarc is convened in New Delhi on March 29 to prepare agenda for the summit meeting,” an official told The News here Monday. “A Pakistani delegation led by Jalil Abbas Jilani, Director-General in the Foreign Office, would reach New Delhi on March 29,” he added.
The official said that Foreign Minister Khurshid Kasuri, who would accompany President Gen Pervez Musharraf to Riyadh on March 27, would return on March 29 and would leave for New Delhi on March 31 along with Foreign Secretary Riaz Mohammad Khan.
He said that arrangements have been finalised for the Saarc summit meeting in New Delhi from March 31 to April 4. According to the official, the foreign minister would lead the Pakistani delegation at the Saarc Council of Ministers Conference. He would hold meeting with Adviser to the Bangladesh President on Foreign Affairs Iftikhar Chaudhry. Kasuri would discuss the fourth round of composite dialogue with his Indian counterpart Pranab Mukherjee.
“Kasuri will also hold meetings with the foreign ministers of Afghanistan, Sri Lanka, Maldives, Nepal and Bhutan during his stay in New Delhi,” he added. The official said that the Saarc summit meeting would accord approval to the agenda prepared by the Council of Ministers and would issue the joint communiquÈ.
He said Prime Minister Shaukat Aziz would hold meetings with Indian Prime Minister Dr Manmohan Singh, Afghan President Hamid Karzai and leaders of Sri Lanka, Nepal, Maldives and Bhutan to discuss the ways and means to strengthen bilateral relations.
“During retreat, the leaders of the Saarc countries will hold informal meetings and will extend invitations to each other for visit to their respective countries.” The official said that India would make efforts to raise the non-implementation of the Safta at the Programming Committee and Council of Ministers meetings. He said that Afghanistan, which would attend the Saarc summit for the first time as a member of the association, would fully support the Indian stance on implementation of Safta.
Source:
“A meeting of the programming committee of the Saarc is convened in New Delhi on March 29 to prepare agenda for the summit meeting,” an official told The News here Monday. “A Pakistani delegation led by Jalil Abbas Jilani, Director-General in the Foreign Office, would reach New Delhi on March 29,” he added.
The official said that Foreign Minister Khurshid Kasuri, who would accompany President Gen Pervez Musharraf to Riyadh on March 27, would return on March 29 and would leave for New Delhi on March 31 along with Foreign Secretary Riaz Mohammad Khan.
He said that arrangements have been finalised for the Saarc summit meeting in New Delhi from March 31 to April 4. According to the official, the foreign minister would lead the Pakistani delegation at the Saarc Council of Ministers Conference. He would hold meeting with Adviser to the Bangladesh President on Foreign Affairs Iftikhar Chaudhry. Kasuri would discuss the fourth round of composite dialogue with his Indian counterpart Pranab Mukherjee.
“Kasuri will also hold meetings with the foreign ministers of Afghanistan, Sri Lanka, Maldives, Nepal and Bhutan during his stay in New Delhi,” he added. The official said that the Saarc summit meeting would accord approval to the agenda prepared by the Council of Ministers and would issue the joint communiquÈ.
He said Prime Minister Shaukat Aziz would hold meetings with Indian Prime Minister Dr Manmohan Singh, Afghan President Hamid Karzai and leaders of Sri Lanka, Nepal, Maldives and Bhutan to discuss the ways and means to strengthen bilateral relations.
“During retreat, the leaders of the Saarc countries will hold informal meetings and will extend invitations to each other for visit to their respective countries.” The official said that India would make efforts to raise the non-implementation of the Safta at the Programming Committee and Council of Ministers meetings. He said that Afghanistan, which would attend the Saarc summit for the first time as a member of the association, would fully support the Indian stance on implementation of Safta.
Source:
Monday, February 26, 2007
SAFTA meet to discuss sensitive goods' list, NTBs
By A Staff Reporter
KATHMANDU, Feb 25: The second meeting of the SAFTA Ministerial Council is beginning in Kathmandu on Monday.
The Commerce Ministers from the South Asian nations have started arriving in the capital to take part in the meeting that, according to the sources at the Ministry of Industry Commerce and Supplies (MoICS), will discuss on various agenda including the issue of sensitive goods' list, non-tariff barriers (NTBs) and Dispute Settlement Mechanism (DSM).
The ministerial meeting is preceded by a two-day meeting of the Committee of Experts (CoE) that began from February 24. The joint secretary level meet will present its recommendation to the Ministerial Council, the MoICS sources said.
SAFTA came into effect on January 1, 2006 with the aim of reducing tariff for enhancing trade among the seven SAARC member states. Pakistan and India are to complete implementation of the agreement by 2012, Sri Lanka by 2013 and Bangladesh, Bhutan, Maldives and Nepal by 2015.
The Agreement on the South Asian Free Trade Area (SAFTA) was reached at the 12th South Asian Association for Regional Cooperation (SAARC) summit held in Islamabad, capital of Pakistan on 6 January 2004. It is a framework for the creation of a free trade zone covering 1.4 billion people in the region.
The seven foreign ministers of the region signed a framework agreement on SAFTA with zero customs duty on the trade of practically all products in the region by the end 2012. The SAARC Preferential Trading Arrangement (SAPTA), with concessional duty on sub-continent trade, went into force on January 1, 1996.
SAFTA requires India, Pakistan and Sri Lanka, to bring their duties down to 20 per cent in the first phase of the two-year period ending in 2007. In the final five year phase ending 2012, the 20 per cent duty will be reduced to zero in a series of annual cuts.
The least developed country group in South Asia consisting of Nepal, Bhutan, Bangladesh and Maldives will get an additional three years to reach zero duty.
The effective implementation of SAFTA, according to experts will determine the larger success of SAARC. They maintain that for SAFTA to exploit its true potential, it will have to be widened to cover, apart from 'free movement of goods', investments and services.
KATHMANDU, Feb 25: The second meeting of the SAFTA Ministerial Council is beginning in Kathmandu on Monday.
The Commerce Ministers from the South Asian nations have started arriving in the capital to take part in the meeting that, according to the sources at the Ministry of Industry Commerce and Supplies (MoICS), will discuss on various agenda including the issue of sensitive goods' list, non-tariff barriers (NTBs) and Dispute Settlement Mechanism (DSM).
The ministerial meeting is preceded by a two-day meeting of the Committee of Experts (CoE) that began from February 24. The joint secretary level meet will present its recommendation to the Ministerial Council, the MoICS sources said.
SAFTA came into effect on January 1, 2006 with the aim of reducing tariff for enhancing trade among the seven SAARC member states. Pakistan and India are to complete implementation of the agreement by 2012, Sri Lanka by 2013 and Bangladesh, Bhutan, Maldives and Nepal by 2015.
The Agreement on the South Asian Free Trade Area (SAFTA) was reached at the 12th South Asian Association for Regional Cooperation (SAARC) summit held in Islamabad, capital of Pakistan on 6 January 2004. It is a framework for the creation of a free trade zone covering 1.4 billion people in the region.
The seven foreign ministers of the region signed a framework agreement on SAFTA with zero customs duty on the trade of practically all products in the region by the end 2012. The SAARC Preferential Trading Arrangement (SAPTA), with concessional duty on sub-continent trade, went into force on January 1, 1996.
SAFTA requires India, Pakistan and Sri Lanka, to bring their duties down to 20 per cent in the first phase of the two-year period ending in 2007. In the final five year phase ending 2012, the 20 per cent duty will be reduced to zero in a series of annual cuts.
The least developed country group in South Asia consisting of Nepal, Bhutan, Bangladesh and Maldives will get an additional three years to reach zero duty.
The effective implementation of SAFTA, according to experts will determine the larger success of SAARC. They maintain that for SAFTA to exploit its true potential, it will have to be widened to cover, apart from 'free movement of goods', investments and services.
Saturday, February 24, 2007
Maldives take part in Second SAFTA Ministerial Council
KATHMANDU, Feb. 24: The meeting of SAFTA Committee of Experts has begun here today for the preparation for Second SAFTA Ministerial Council.
The ministers looking after trade and commerce in the member countries of South Asian Association for Regional Cooperation will take part in the meeting of SAFTA Ministerial Council to be held here on Monday.
The meeting of SAFTA Committee of Experts discussed the future plan and additional measures to expand trade and commerce in member countries.
The meeting, to be continued for tomorrow, would also discuss institutional development for the implementation of SAFTA and resolution of problems that could arise at the time of implementation, a participant in the meeting said.
The conclusion reached in the meeting of experts and future strategy to be implemented will be presented in the meeting of SAFTA Ministerial Council to be held on Monday, he said.
Experts of all eight countries of SAARC are taking part in the meeting and Joint Secretary at Ministry of Industry, Commerce and Supplies Purushottam Ojha is leading Nepalese delegation in the meeting.
Representatives of Ministries of Finance, Foreign Affairs and Law, Justice and Parliamentary Affairs are also taking part in the meeting.
Meanwhile, Deputy Minister for Economic Development and Trade of Maldives Abdulla Salih reached Kathmandu to take part in Second SAFTA Ministerial Council, today.
Similarly, a delegation from Afghanistan has also reached Kathmandu to take part in the meeting.
The ministers, who are looking after industry and commerce in India, Pakistan, Shree Lanka, Bhutan and Bangladesh are arriving in Kathmandu tomorrow, SAARC Secretariat has informed. [Read More]
The ministers looking after trade and commerce in the member countries of South Asian Association for Regional Cooperation will take part in the meeting of SAFTA Ministerial Council to be held here on Monday.
The meeting of SAFTA Committee of Experts discussed the future plan and additional measures to expand trade and commerce in member countries.
The meeting, to be continued for tomorrow, would also discuss institutional development for the implementation of SAFTA and resolution of problems that could arise at the time of implementation, a participant in the meeting said.
The conclusion reached in the meeting of experts and future strategy to be implemented will be presented in the meeting of SAFTA Ministerial Council to be held on Monday, he said.
Experts of all eight countries of SAARC are taking part in the meeting and Joint Secretary at Ministry of Industry, Commerce and Supplies Purushottam Ojha is leading Nepalese delegation in the meeting.
Representatives of Ministries of Finance, Foreign Affairs and Law, Justice and Parliamentary Affairs are also taking part in the meeting.
Meanwhile, Deputy Minister for Economic Development and Trade of Maldives Abdulla Salih reached Kathmandu to take part in Second SAFTA Ministerial Council, today.
Similarly, a delegation from Afghanistan has also reached Kathmandu to take part in the meeting.
The ministers, who are looking after industry and commerce in India, Pakistan, Shree Lanka, Bhutan and Bangladesh are arriving in Kathmandu tomorrow, SAARC Secretariat has informed. [Read More]
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