Minister for Finance and Economic Affairs Senator Ishaq Dar elected chairman of 8th SAARC finance ministers’ meeting
By;Asghar Ali Mubarak
The Pakistani Minister for Finance and Economic Affairs Senator Ishaq Dar elected as new Chairman of 8th South Asian Association for Regional Cooperation (SAARC) finance ministers’ meeting here in Islamabad.
A day earlier, the SAARC Finance Secretaries elected Secretary Finance Dr. Waqar Massoud Khan as the new Chairman of the SAARC Finance Secretaries meeting.
Secretary General SAARC Secretariat Arjun Bahadur Thapa congratulated Ishaq Dar for becoming Chairman of the SAARC Finance Ministers’ meeting and expressed best wishes for him.
After his election, he expressed his gratitude for electing him as the Chairman of the 8th meeting of the SAARC Finance Ministers and said that since its inception, SAARC had made considerable progress in the areas related to economic and social sectors for the uplift of the South Asian region’s nations.
He hoped that the dream of establishing South Asian Economic Union (SAEU) would be materialized soon to ensure regional development and pull the people of the region out from poverty and hunger.
A range of mechanisms have supplemented the overall cooperation in economic and financial sectors among the Member States 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 minister said that the unfinished agenda that included, the SAARC Limited Multilateral Agreement on Avoidance of Double Taxation and Mutual Administrative Assistance in Tax Matters, SAARC Agreement on Promotion and Protection of Investment, Harmonization of Customs Procedures and Documentation, establishment of SAARC Development Bank.
This proposal will allow greater flow of financial capital and intra-regional long-term investment and recommendations of SAARC -ADB Study on Regional Economic Integration (Phase-II), has been delaying the process of intra-regional and inter-regional integration of the South Asian region.
All these subjects need special attention of this forum to move ahead in consonance with the global economic and financial architecture. A special focus would be on moving from South Asian Free Trade Area (SAFTA) to South Asian Economic Union (SAEU), he said.
He also stressed on customs-related trade facilitation measures, finalizing the draft on SAARC Agreement on Promotion and Protection of Investment, implementation of SAARC Agreement on Trade in Services (SATIS), Avoidance of Double Taxation and Mutual Administrative Assistance in Tax Matters and Transactions in Local Currencies.
Earlier in his welcome address, Finance Minister observed that the South Asia was a region with countless opportunities and vast potential to meet the growth requirements of its peoples.
The assets of the region, among others, include vast fertile lands, deep seas, large mountain ranges, high peaks and a huge youth bulge. The region needs joint strategies and convergence of commonalities among the SAARC Member States to exploit its resources for the economic and social uplift of our peoples.
“There is a need for a focused attention on shared goals by the national governments to realize the dream of the South Asian Economic Union. The individual efforts by the SAARC member states at national level, we believe, will complement the overall target of the South Asian Economic Union” he proposed.
He said that the summits had been directing early implementation of projects, programmers’ and activities in a prioritized, result-oriented and time-bound manner, for regional integration.
For this purpose, several mechanisms have been established to deepen the economic integration of the region and we are, now, moving from South Asian Free Trade Area to South Asian Economic Union.
Playing down India’s move to isolate Pakistan in the region amidst escalating tensions between the two over the ongoing unrest in the Kashmir Valley, Minister for Finance and Economic Affairs Senator Ishaq Dar said New Delhi’s decision not to send its finance minister, Arun Jaitley, for the South Asian Association for Regional Cooperation (SAARC) finance ministers’ conference hardly matters.
“India’s (finance minister’s) absence hardly matters,” said Pakistan Finance Minister Ishaq Dar after the conclusion of eighth SAARC finance ministers’ conference.
However, Dar hastily added that the individuals do not matter, but countries do, reports the Express Tribune.
Out of the eight-member countries – Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka, four did not send their finance ministers. Either their deputy ministers or bureaucrats represented India, Afghanistan, Bangladesh and the Maldives.
India’s Finance Secretary Shashikant Das attended the moot.
Dar said Afghanistan’s finance minister was due to arrive, but an attack on an American University in Kabul led to the cancellation of his visit. Kabul’s ambassador in Islamabad, Dr Hazrat Omar Zakhilwal represented his country at the conference.
While emphasizing that regional economic cooperation can weigh out conflicts, Dar said sending finance ministers to attend the moot was an internal decision of every country. Earlier the Prime Minister Nawaz Sharif said that SAARC organisation has played an important role despite of issues, 24 News HD reported.
The prime minister was addressing the SAARC meeting in Islamabad; he said that Pakistan is ready for regional cooperation.The prime minister further said that they will have to construct roads for Regional Corporation with the countries. He said that South Asia’s resources are not being used according to requirement. World powers are resolving their issues through Regional Relations, premier said.
He urged the SAARC finance ministers that we need to unite for economic stability. Poverty will have to be eliminated from the regions. He also welcomed the participants of the meeting.
He also urged greater role of the organisation in the health and education sectors. The Prime Minister welcomed the delegates to Islamabad and hoped they would come up with useful recommendations to make the organisation more viable and effective.
PM Nawaz Sharif said Pakistan is playing an important role for restoring peace in the region. Pakistan believes in development of the country through SAARC. The prime minister also said that steps for eradicating social evils from the region are being taken. SAARC provides platform for peace and security for the region, he added.
Prime Minister Nawaz Sharif said that SAARC Heads Conference will be held on 9th and 10thNovember in Islamabad.
The finance ministers focused on areas including reduction or removal of non-tariff barriers, energy cooperation, trade facilitation measures, investment cooperation, reduction of products on the sensitive list and improvement in connectivity among SAARC member states.
The delegates would also meet with Prime Minister Nawaz Sharif after the meeting. A meeting of the Governing Council of SAARC Development Fund would also be held on the sidelines of the conference.
The event was attended by Finance Ministers, Secretaries, heads of respective State Banks, senior officials and diplomats.
Meanwhile, Finance Minister Ishaq Dar has said SAARC Finance Ministers’ conference has promoted economic and trade cooperation among the member states.
