Finance Ministers from the eight South Asian Association for Regional Cooperation (SAARC) member states are pushing for the formation of a South Asian Economic Union (SAEU) to ensure larger inflow of investments, higher trade volumes, and energy generation. The ministers highlighted the need to fast-track the formation of the SAEU to help boost the inflow of investments and trade volumes.
Tags: SAEU, SAARC, Trade, Energy, Trade Facilitation, Bangladesh, India, Bhutan, Maldives, Nepal
India's External Affairs Minister Sushma Swaraj called for further consolidation of the South Asian Free Trade Area and the South Asian Trade in Services Agreement to achieve the goal of a South Asian Economic Union, in her address at the 37th SAARC Council of Ministers' Meeting. She said SAARC member countries must work together to harness their economic complementarities and create an environment conducive to rapid growth.
Tags: SAARC, SAFTA, SAEU, South Asian Economic Union, India, Trade Facilitation
Indian Commerce Minister Nirmala Sitharaman encouraged economies in the region to speedily work toward a free trade area with a defined timeline, preferably 2020, to achieve the joint vision of a South Asian Economic Union. Speaking at the South Asia Economic Conclave, she further highlighted that India is committed to total trade liberalization, and is working to ensure that its South Asian neighbors will be able to export to India on zero tariff.
Tags: India, Trade, SAEU
ADB supports efforts of the South Asian Association for Regional Cooperation to boost regional cooperation and integration through the idea of a South Asian Economic Union (SAEU). Read an analysis on the SAEU.
Tags: SAEU, SAARC, Regional Integration
A Seminar on South Asia Economic Union was conducted at the Asian Development Bank Headquarters on 9 April 2015. This South Asian Association for Regional Cooperation (SAARC) study was adopted at the 18th SAARC Summit in Kathmandu, Nepal in November 2014 and identified the need for closer regional economic integration among SAARC member countries.
Tags: SAARC, SAEU, Regional Integration