Finance Minister Dr Ram Saran Mahat on Wednesday said that the 15th South Asian Association for Regional Cooperation (SAARC) Summit would focus on economic agendas to broaden intra-regional economic cooperation.
"Since SAARC's ultimate goal is to transform itself into a regional economic union, it must focus on intra-regional flow of capital and investment, and promotion of free trade by lowering non-tariff barriers," said Dr Mahat, speaking at Reporters Club Nepal before leaving for Colombo, Sri Lanka to attend the meeting of the SAARC Standing Committee.
Talking about the existing energy crisis in the SAARC region, he said that the member states must think more seriously towards tapping the natural resources available in the region.
Water resources available in Nepal, coal in India and gas in Bangladesh could be utilized effectively by developing an intra-regional energy and power transmission grid to reduce the region's huge energy dependency on the countries outside it.
Referring to the SAARC Development Fund (SDF), which the Colombo Summit is set to establish and operate, Dr Mahat said the Summit should try to encourage the bloc's observer members to contribute more in funds to make SDF result-oriented.
He said that the Summit would also discuss on developing a regional strategy for food security and environmental protection. Mahat informed the press that Prime Minister Girija Prasad Koirala is scheduled to hold dialogues with Indian Prime Minister Manmohan Singh on the sidelines of the summit in Colombo.
"I will also talk with Indian officials and request them to waive the existing additional duty imposed on steel for Nepal as soon as possible."
India has imposed 16 percent as export duty on steel for the last three months. While rolling mills operators have argued that the duty goes against the spirit of bilateral trade arrangements, the industry ministry has already requested the Indian government to waive the duty for Nepal.
The duty, meanwhile, has already forced the prices of steel bars to shoot up. Prices of steel rods have more than doubled over the span of a year amid rising prices of raw materials in the international market.
Source: eKantipur
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Thursday, July 31, 2008
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