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Saarc project
Saarc project
Saarc project
Saarc project
Saarc project
Saarc project
Saarc project
Saarc project
Saarc project
Saarc project
Saarc project
Saarc project
Saarc project
Saarc project
Saarc project
Saarc project
Saarc project
Saarc project
Saarc project
Saarc project
Saarc project
Saarc project
Saarc project
Saarc project
Saarc project
Saarc project
Saarc project
Saarc project
Saarc project
Saarc project
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Saarc project

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saarc project of global economic and finance

saarc project of global economic and finance

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  • 1. INTRODUCTION South Asian Association for Regional Cooperation The South Asian Association for Regional Cooperation (SAARC) is an organization of South Asian nations, which was established on 8 December 1985 when the government of Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka formally adopted its charter providing for the promotion of economic and social progress, cultural development within the South Asia region and also for friendship and co-operation with other developing countries. It is dedicated to economic, technological, social, and cultural development emphasising collective self-reliance. Its seven founding members are Sri Lanka, Bhutan, India, Maldives, Nepal, Pakistan, and Bangladesh. Afghanistan joined the organization in 2007. Meetings of heads of state are usually scheduled annually; meetings of foreign secretaries, twice annually. It is headquartered in Kathmandu, Nepal.
  • 2. Members of SAARC Current members  Afghanistan  Bangladesh  Bhutan  India  Maldives  Nepal  Pakistan  Sri Lanka
  • 3. Observers  Australia  China  European Union  Japan  Iran  Mauritius  Myanmar  South Korea  United States Potential future members  China has expressed interest in upgrading its status from an observer to a full member of SAARC. Supported by Pakistan, Bangladesh, Nepal, Maldives, Sri Lanka.  Burma has expressed interest in upgrading its status from an observer to a full member of SAARC.  Russia has expressed interest in becoming an observer of SAARC. Supported By India. Others  South Africa has participated in meetings.
  • 4. Secretaries-General of SAARC Abul Ahsan 16 January 1985 to 15 October 1989 Kishore Kant Bhargava 17 October 1989 to 31 December 1991 Ibrahim Hussain Zaki 1 January 1992 to 31 December 1993 Yadav Kant Silwal 1 January 1994 to 31 December 1995 Naeem U. Hasan 1 January 1996 to 31 December 1998 Nihal Rodrigo 1 January 1999 to 10 January 2002 Q.A.M.A. Rahim 11 January 2002 to 28 February 2005 Lyonpo Chenkyab Dorji 1 March 2005 to 29 February 2008 Sheel Kant Sharma 1 March 2008 to 28 February 2011 Fathimath Dhiyana Saeed 1 March 2011 to 11 March 2012 Ahmed Saleem 12 March 2012 to present[25]
  • 5. SAARC summits No Date Country Host Host leader 1st 7–8 December 1985 Bangladesh Dhaka Ataur Rahman Khan 2nd 16–17 November 1986 India Bangalore Rajiv Gandhi 3rd 2–4 November 1987 Nepal Kathmandu Marich Man Singh Shrestha 4th 29–31 December 1988 Pakistan Islamabad Benazir Bhutto 5th 21–23 November 1990 Maldives Malé Maumoon Abdul Gayoom 6th 21 December 1991 Sri Lanka Colombo Ranasinghe Premadasa 7th 10–11 April 1993 Bangladesh Dhaka Khaleda Zia 8th 2–4 May 1995 India New Delhi P. V. Narasimha Rao 9th 12–14 May 1997 Maldives Malé Maumoon Abdul Gayoom 10th 29–31 July 1998 Sri Lanka Colombo Chandrika Kumaratunga
  • 6. 11th 4–6 January 2002 Nepal Kathmandu Sher Bahadur Deuba 12th 2–6 January 2004 Pakistan Islamabad Zafarullah Khan Jamali 13th 12–13 November 2005 Bangladesh Dhaka Khaleda Zia 14th 3–4 April 2007 India New Delhi Manmohan Singh 15th 1–3 August 2008 Sri Lanka Colombo Mahinda Rajapaksa 16th 28–29 April 2010 Bhutan Thimphu Jigme Thinley 17th 10–11 November 2011[26] Maldives Addu Mohammed Nasheed 18th 2013[27] Nepal Kathmandu Khil Raj Regmi
  • 7. Objectives of SAARC  to promote the welfare of the people of South Asia and to improve their quality of life;  to accelerate economic growth, social progress and cultural development in the region and to provide all individuals the opportunity to live in dignity and to realize their full potential ;  to promote and strengthen selective self-reliance among the countries of South Asia;  to contribute to mutual trust, understanding and appreciation of one another's problems;  to promote active collaboration and mutual assistance in the economic, social, cultural, technical and scientific fields;  to strengthen co-operation with other developing countries;  to strengthen co-operation among themselves in international forums on matters of common interest; and  to co-operate with international and regional organizations with similar aims and purposes.  to maintain peace in the region
  • 8. Agreement for Establishment of SAARC Arbitration Council The Governments of the South Asian Association for Regional Cooperation (SAARC) Member States comprising the People’s Republic of Bangladesh, the Kingdom of Bhutan, the Republic of India, the Republic of Maldives, the Kingdom of Nepal, the Islamic Republic of Pakistan and the Democratic Socialist Republic of Sri Lanka; Desirous of creating conditions favourable for fostering greater investment by investors of one Member State in the territory of another Member State; Desirous of providing a regional forum for settlement of commercial disputes by conciliation and arbitration;
  • 9. Article-I Establishment of the SAARC Arbitration Council (1) There is hereby established a body to be known as the SAARC Arbitration Council (hereinafter referred to as the “Council”). (2) The Council shall have full legal personality. (3) The legal capacity of the Council shall include: (a) the capacity to contract; (b) to sue and be sued in its name; and (c) to acquire, hold and dispose of properties. The location of the Council shall be decided.
  • 10. Article-II Objectives and Functions of the Council The objectives and functions of the Council are to: (a) provide a legal framework within the region for fair and efficient settlement through conciliation and arbitration of commercial, investment and such other disputes as may be referred to the Council by agreement; (b) promote the growth and effective functioning of national arbitration institutions within the region; (c) provide fair, inexpensive and expeditious arbitration in the region; (d) promote international conciliation and arbitration in the region; (e) provide facilities for conciliation and arbitration; (f) act as a co-ordinating agency in the SAARC dispute resolution system; (g) coordinate the activities of and assist existing institutions concerned with arbitration, particularly those in the region; (h) render assistance in the conduct of ad hoc arbitration proceedings; (i) assist in the enforcement of arbitral awards; (j) maintain registers/panels of: (i) expert witnesses, and (ii) suitably qualified persons to act as arbitrators as and when required; and (k) carry out such other activities as are conducive or incidental to its functions. The Council shall have the powers necessary to enable it to carry out its objectives and functions.
  • 11. Article-III Organisational set-up of the Council (1) There shall be for the Council a Director-General who shall: (a) be a citizen of a SAARC Member State; and (b) be appointed, on the principle of alphabetical rotation among SAARC Member States commencing from the Member State hosting the Council, by the Secretary-General of SAARC with the approval of the Council of Ministers. (2) The Director-General shall hold office for a non-renewable period of three years on such terms and conditions as may be determined by the Council of Ministers. However, the tenure of the first Director-General will be for a period of four years. (3) The Director-General shall be the chief executive of the Council and be responsible for the day-to-day administration of the Council and will work under the supervision of the Governing Board comprising a Member nominated by each Member State. (4) The salary and allowances of the Director-General shall be determined by the Council of Ministers. (5) With regard to matters not covered in this Agreement, including the Service Rules, Provisions relating to Financial and Administrative Matters, Financial Regulations, Financial Rules and Procedures and Rules of Procedures for Governing Boards applicable to the SAARC Regional Centres under the Harmonized Rules will be applicable, mutatis-mutandis, to the Council. 6. The Council, its Director-General and staff shall enjoy such immunities and privileges as are essential for the effective functioning of the Council to be specified in the Headquarters Agreement between the Council and the Host Member State.
  • 12. Article-IV Rules (1) Subject to the Conciliation Rules to be agreed and annexed to this Agreement, the Governing Board may make any additional rules for the administration of conciliation proceedings conducted under the auspices of the Council, including the schedule of fees to be charged. (2) Subject to the Arbitration Rules to be agreed and annexed to this Agreement, the Governing Board may make any additional rules for the administration of arbitrations conducted under the auspices of the Council, including the schedule of fees to be charged. (3) The Rules made under sub-paras (1) & (2) of this Article shall be made public. ARTICLE VII Reservations 1. This Agreement shall not be subject to reservations either at the time of signature or at the time of notification to the SAARC Secretariat of the completion of formalities in terms of Article V. ARTICLE VIII Amendment 1 This Agreement may be amended by consensus amongst the Member States. Any Member State proposing amendment(s) shall notify the other Member States through the SAARC Secretariat. Such amendment(s) shall become effective upon the notification issued by the SAARC Secretariat on completion of formalities, including ratification, by all Member States.
  • 13. Reducing barriers for export to SAARC countries  The Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL), the Secretariat dealing with SAARC Chamber of Commerce and Industry (SCCI), wants to minimize any trade barriers with other SAARC countries.  Hildon U. Hamangoda, Director, SAARC and International Affairs, FCCISL, said that according to compiled data trade among SAARC countries is less than five percent of the total trade of the region with the rest of the world. But other regional blocs are showing much bigger volumes of intra-regional trade. For instance the North America Free Trade Agreement intra-regional trade is over 50% and ASEAN countries have over 20% trade among its member countries. The Intra-SAARC trade is dismally low as compared to other regions. The trade and economic activity needs to be increased.  Hamangoda said, keeping in mind the current state of trade in SAARC member countries, SCCI has decided to identify specific obstacles which are holding back and restricting trade among SAARC countries in bilateral as well as regional trade e.g. “restrictions in the cross-border movement of goods, lack of infrastructure, non-acceptability of standards and certifications regime etc.”
  • 14. Political issues The dispute over Kashmir’s accession to India has been standing in the way of the lasting peace and prosperity of the Indian subcontinent.[15] While awarding the European Union with the 2012 Nobel Peace Prize, the Norwegian Nobel Committee stated that "...today war between Germany and France is unthinkable. This shows how, through well-aimed efforts and by building up mutual confidence, historical enemies can become close partners." Southern Asia can become unified just as Europe has become unified as the European Union. Political dialogue is often conducted on the margins of SAARC meetings which have refrained from interfering in the internal matters of its member states. During the 12th and 13th SAARC summits, extreme emphasis was laid upon greater co-operation between the SAARC members to fight terrorism.
  • 15. SAARC Charter  Desirous of promoting peace, stability, amity and progress in the region through strict adherence to the principles of the UNITED NATIONS CHARTER and NON-ALIGNMENT, particularly respect for the principles of sovereign equality, territorial integrity, national independence, non- use of force and non-interference in the internal affairs of other States and peaceful settlement of all disputes.  Conscious that in an increasingly interdependent world, the objectives of peace, freedom, social justice and economic prosperity is best achieved in the SOUTH ASIAN region by fostering mutual understanding, good neighborly relations and meaningful co-operation among the Member States which are bound by ties of history and culture.  Aware of the common problems, interests and aspirations of the peoples of SOUTH ASIA and the need for joint action and enhanced co-operation within their respective political and economic systems and cultural traditions.  Convinced that regional co-operation among the countries of SOUTH ASIA is mutually beneficial, desirable and necessary for promoting the welfare and improving the quality of life of the peoples of the region.  Convinced further that economic, social and technical co-operation among the countries of SOUTH ASIA would contribute significantly to national and collective self-reliance.  Recognizing that increased co-operation, contacts and exchanges among the countries of the region will contribute to the promotion of friendship and understanding among their peoples.  Recalling the DECLARATION signed by their Foreign Ministers in NEW DELHI on 2 August 1983 and noting the progress achieved in regional co-operation.
  • 16. Project on “SAARC” Submitted by Mr. Pushkraj.G.Bhalerao Roll no. 4 M. Com Part I Under the Guidance of Dr.Deepak.P.Sable Academic Year 2013-14 POST GRADUATION DEPARTMENT Dnyansadhana College of Arts, Commerce & Science Near Eternity Mall, Of Eastern Express Highway, Thane (w) 400604
  • 17. Certificate This is to certify that Mr. Pushkraj.G.Bhalerao with Roll No. 4 student of M. Com. – I (Business Management) Dnyansadhana College has completed the project work and has submitted a report for the same in partial fulfillment of requirement of the course by University of Mumbai for the year 2013-14 in the Topic “SAARC.” for the subject ECOMONICS OF GLOBAL TRADE AND FINANCE The student has worked under our guidance as directed. Signature Signature Internal Guide External Guide Signature Signature Principal Head of Department of Business Management
  • 18. Acknowledgement I would like to extend my sincere gratitude to all those people who helped me in the successful completion of my project titled- “SAARC” I thank all my teachers for their involvement in my project work and timely assessment that provided me inspiration and valued guidance throughout. I am also thankful to the staff members of our organization who have helped me in spite of their busy schedule, they shared their time and gave the required information and explained me the basic concept. My special thanks to my in-laws for their constant support and assistance, to make this project worth presenting before you Mr. Pushkraj.G.Bhalerao.
  • 19. Declaration I Mr. Pushkraj.G.Bhalerao student of M. Com I hereby declare that I have completed this project on “saarc” in the academic year 2013-14. The information submitted is true and original to the best of my knowledge. Place: THANE Date: Mr. Pushkraj.G.Bhalerao Sign of student
  • 20. South Asian Free Trade Area SAPTA was envisaged primarily as the first step towards the transition to a South Asian Free Trade Area (SAFTA) leading subsequently towards a Customs Union, Common Market and Economic Union. In 1995, the Sixteenth session of the Council of Ministers (New Delhi, 18–19 December 1995) agreed on the need to strive for the realisation of SAFTA and to this end an Inter-Governmental Expert Group (IGEG) was set up in 1996 to identify the necessary steps for progressing to a free trade area. The Tenth SAARC Summit (Colombo, 29–31 July 1998) decided to set up a Committee of Experts (COE) to draft a comprehensive treaty framework for creating a free trade area within the region, taking into consideration the asymmetries in development within the region and bearing in mind the need to fix realistic and achievable targets. The SAFTA Agreement was signed on 6 January 2004 during Twelfth SAARC Summit held in Islamabad, Pakistan. The Agreement entered into force on 1 January 2006, and the Trade Liberalization Programme commenced from 1 July 2006. Under this agreement, SAARC members will bring their duties down to 20 per cent by 2009. Following the Agreement coming into force the SAFTA Ministerial Council (SMC) has been established comprising the Commerce Ministers of the Member States.
  • 21. SAARC Visa Exemption Scheme The Twelfth Summit (Islamabad, January 2004) approved the institution of the SAARC Award to honor and encourage outstanding individuals and organizations within the region. The main objectives of the SAARC Award are:  To encourage individuals and organizations based in South Asia to undertake programmes and activities complementing the efforts of SAARC  To encourage individuals and organizations in South Asia contributing to the improvement of the conditions of women and children  To honor outstanding contributions and achievements of individuals and organisations within the region in the fields of peace, development, poverty alleviation, environment protection and regional co-operation making the SAARC Award the most prestigious Award in the region; and  To honors any other outstanding contributions and achievements, not covered above, of individuals and organizations in the region. The SAARC Award comprises a gold medal, a letter of citation and cash prize of US $ 25,000. Since institution of SAARC Award in 2004, it has been awarded only once and the Award was posthumously conferred upon Late President Ziaur Rahman of Bangladesh.
  • 22. Council of Ministers  Council of Ministers consisting of the Foreign Ministers of the Member States established with the following functions:  Formulation of the policies of the ASSOCIATION  Review of the progress of co-operation under the ASSOCIATION  Decision on new areas of co-operation  Establishment of additional mechanism under the ASSOCIATION as deemed necessary  Decision on other matters of general interest to the ASSOCIATION. The Council of Ministers meets twice a year. Extraordinary session of the Council may be held by agreement among the Member States.
  • 23. Standing Committee The Standing Committee comprises of the Foreign Secretaries of the SAARC Member States. As provided in Article V of the SAARC Charter, they take measures /decisions relating to: overall monitoring and coordination of programme of cooepration under different areas; approval of projects and programmes, including modalities of their financing; determination of inter-sectoral priorities; mobilisation of regional and external resources; and identification of new areas of cooperation based on appropriate studies. Standing Committee is mandated to meet as often as necessary. Generally, they have met preceding the sessions of the Council of Ministers i.e. both during the Summit as also as the Council is convened in between two Summits. That way, the Committee would be meeting at its thrity-seventh regular session in Thimphu on 25-26 April 2010 (preceding the Council of Ministers and the Sixteenth Summit). Depending on special requirement, Standing Committee has met at Special Sessions, on stand-alone basis: till date, the Committee had held five such Special Sessions, the last (fifth) being in Dhaka on 12 April 2006. The Committee reports to the Council of Ministers, on regular matters; and, as needed, asks for specific decision on policy matters from the Council.
  • 24. Customs Cooperation Cooperation in the field of Customs The Group on Customs Cooperation, comprising heads of customs organisations of Member States, administers and implements cooperation in the area of customs which has held five Meetings so far. The Fourth Meeting of the Group on Customs Cooperation (Faridabad, India, 12-13 August 2004) had decided to set up a Sub-Group to facilitate further discussion in the areas of (a) Draft Agreement on Mutual Administrative Assistance in Customs Matters; (b) Harmonised System; (c) Commercial Fraud; (d) Capacity Building. During 2004 to 2009, the Sub-Group on Customs Cooperation held six Meetings to carry out the above mandate during which discussion on Draft Agreement and on commercial fraud was finalised and concluded successfully. The Sub-Group has held seven Meetings so far since its inception. The Sixth Meeting of the Sub- Group on Customs Cooperation (SAARC Secretariat, 14-15 January 2009) focused, inter-alia, on issues relating to documentation and procedure and timeframe for their implementation. It attempted Harmonization of Customs clearing procedures and documentation among the SAARC Member States. In this context, it undertook detailed examination of basic export/import documentation of the Member States, and procedures for their filing. It also focused on harmonizing those 8-digit tariff lines which are being traded or have the potential of being traded among the SAARC Member States.
  • 25. The Seventh Meeting of the Sub-Group on Customs Cooperation (i) focus on building infrastructure including roads and railways networks near the Land Border Customs Stations (LCSs). (ii) Customs Clearance procedures at LCSs also need to be smoothened; (iii) Customs Administrations may consider a system of Customs facilitation in which Export documentation of one Member State could be considered by the Customs administration in the importing country for the purposes of assessing and clearing the consignment. (iv) As individual Customs Administrations in the SAARC countries move towards automation in clearing trade consignments at the LCSs, the Sub-Group on Customs Cooperation shall work towards developing an Electronic Data Exchange System within the region, including at LCSs, with a view to ensure better facilitation of trade in goods among the SAARC countries including improved compliance. (v) SAARC Secretariat may develop a regional/sub-regional project to set up automated customs clearing mechanism at the designated LCSs. In this regard, the Member States may indicate the name of the LCS in their respective country where the facility would need to be established.
  • 26. The Seventh Meeting of the Sub-Group on Customs Cooperation also discussed the matter of harmonisation of 8-digit tariff lines in detail and felt that in order to make this task easier, all Member States would further provide upto only 100 8-digit tariff lines with a trade potential of 75% (in value terms) in the region. It also agreed that on receipt of this information as per agreed format from all the Member States, the Secretariat may outsource the job of carrying out analysis of the differences in the descriptions of the 8-digit tariff lines submitted by the Member States. The Eighth Meeting of the Sub-Group on customs Cooperation was held on 22-23 August 2011 at the SAARC Secretariat.
  • 27. Secretariat The SAARC Secretariat was established in Kathmandu on 16 January 1987 and was inaugurated by Late King Birendra Bir Bikram Shah of Nepal. It is headed by the Secretary General appointed by the Council of Ministers from Member Countries in an alphabetical order for a three-year term. He is assisted by the Professional and the General Service Staff, and also an appropriate number of functional units called Divisions assigned to Directors on deputation from Member States. The Secretariat coordinates and monitors implementation of activities, prepares for and services meetings, and serves as a channel of communication between the Association and its Member States as well as other regional organisations. The Memorandum of Understanding on the establishment of the Secretariat which was signed by Foreign Ministers of member countries on 17 November 1986 at Bangalore, India contains various clauses concerning the role, structure and administration of the SAARC Secretariat as well as the powers of the Secretary-General. In several recent meetings the heads of state or government of member states of SAARC have taken some important decisions and bold initiatives to strengthen the organization and to widen and deepen regional co-operation. The SAARC Secretariat and Member States observe 8 December as the SAARC Charter Day1.
  • 28. INDEX SR. NO. PARTICULAR 1 INTRODUCTION 2 MEMBERS OF SAARC 3 OBSERVERS 4 Secretaries-General of SAARC 5 SAARC summits 6 Objectives of SAARC 7 Agreement for Establishment of SAARC Arbitration Council 8 South Asian Free Trade Area 9 Article-I TO ARTICLE VIII 10 Reducing barriers for export to SAARC countries 11 Political issues 12 SAARC Charter 13 SAARC Visa Exemption Scheme 14 Customs Cooperation 15 Standing Committee 16 Council of Ministers 17 The Seventh Meeting of the Sub-Group on Customs Cooperation 18 Secretariat 19 SAARC Summit
  • 29. SAARC Summit The Charter (Article III) provides that the Heads of State or Government "shall meet once a year or more often as and when considered necessary by the Member States". However, the Summit has generally been convened at an interval of one and half year or so. The next i.e. Sixteenth Summit of the Heads of State or Government would be held at Thimphu on 28-29 April 2010. Summit Declarations provide directives and mandate for regional co-operation. Following are the past Summit Declarations: First SAARC Summit, Dhaka, 1985 Second SAARC Summit, Bangalore, 1986 Third SAARC Summit, Kathmandu, 1987 Fourth Summit, Islambad, 1988 Fifth SAARC Summit, Male', 1990 Sixth SAARC Summit, Colombo, 1991 Seventh SAARC Summit. Dhaka, 1993 Eighth SAARC Summit, New Delhi 1995 Ninth SAARC Summit, Male', 1997 Tenth SAARC Summit, Colombo, 1998 Eleventh SAARC Summit, Kathmandu, 2002 Twelfth SAARC Summit, Islamabad, 2004 Thirteenth SAARC Summit, Dhaka, 2005 Fourteenth SAARC Summit, New Delhi, 2007 Fifteenth SAARC Summit, Colombo, 2008 Sixteenth SAARC Summit, Thimphu, 2010 Seventeenth SAARC Summit, Addu City, 2011
  • 30. SAARC South Asian Association for Regional Cooperation

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