Leaders of seven South Asian nations will start a summit meeting in Islamabad today to clear the way for a free-trade accord and boost economic growth in a region that is home to half the world's poor.
Leaders of the South Asian Association for Regional Cooperation, or SAARC, are gathering after a gap of two years because tension between India and Pakistan, which account for four-fifths of South Asia's US$650 billion economy, forced a postponement of the summit in January last year. The grouping also includes Sri Lanka, Nepal, Bangladesh, Bhutan and Maldives.
The three-day summit, the 12th such meeting, will also provide a platform for India's Prime Minister Atal Bihari Vajpayee and Pakistan's President Pervez Musharraf to re-open dialog on issues such as the dispute over Kashmir and improve relations after the two nuclear-armed countries came close to their fourth war in July last year.
"There is a growing realization in South Asia that they have to integrate economically -- it's a question of survival," said Ajai Sahni, director of research group Institute of Conflict Management in New Delhi.
"The short term will be dominated by the hangover of politics. Eventually all will fall in line and sign the accord," Sahni said.
The grouping was formed in 1985 with the stated aim of turning the region into a free-trade area. Trade among the seven countries, home to more than 1.5 billion people, is US$4 billion annually, and may more than treble to US$14 billion if restrictions are removed, the Federation of Indian Chambers of Commerce and Industry estimates.
A free-trade accord may be possible at the summit with foreign ministers of the seven countries having reached agreement in preliminary meetings in Islamabad.
Pakistani Foreign Minister Khursheed Mehmood Kasuri said that under the agreement, the developing members of SAARC -- Pakistan, India and Sri Lanka -- would cut tariffs to between zero and five percent within seven years of the start of the agreement.
The region's least developed states -- Bangladesh, Nepal, Bhutan and the Maldives -- would reduce tariffs to between zero and five percent within 10 years of the start of the agreement.
But, each member state will be allowed to maintain a list of sensitive products on which tariffs will not be reduced. The list will be finalised between now and the date on which the South Asian Free Trade Area (SAFTA) agreement is expected to come into force, Kasuri said.
Intra-Asean trade makes up 63 percent of Southeast Asia's trade, while trade among EU nations account for two-thirds of the trade of member countries.
Trade among South Asian countries, 70 percent dominated by India, is barely 5 percent of the region's total trade.
"The free-trade agreement is the main issue during the summit," said Masood Khan, Pakistan foreign ministry spokesman.
"It will not only give a new life to Saarc, but also provide an opportunity to India and Pakistan to have a closer cooperation," Khan said.
Taiwan is projected to lose a working-age population of about 6.67 million people in two waves of retirement in the coming years, as the nation confronts accelerating demographic decline and a shortage of younger workers to take their place, the Ministry of the Interior said. Taiwan experienced its largest baby boom between 1958 and 1966, when the population grew by 3.78 million, followed by a second surge of 2.89 million between 1976 and 1982, ministry data showed. In 2023, the first of those baby boom generations — those born in the late 1950s and early 1960s — began to enter retirement, triggering
ECONOMIC BOOST: Should the more than 23 million people eligible for the NT$10,000 handouts spend them the same way as in 2023, GDP could rise 0.5 percent, an official said Universal cash handouts of NT$10,000 (US$330) are to be disbursed late next month at the earliest — including to permanent residents and foreign residents married to Taiwanese — pending legislative approval, the Ministry of Finance said yesterday. The Executive Yuan yesterday approved the Special Act for Strengthening Economic, Social and National Security Resilience in Response to International Circumstances (因應國際情勢強化經濟社會及民生國安韌性特別條例). The NT$550 billion special budget includes NT$236 billion for the cash handouts, plus an additional NT$20 billion set aside as reserve funds, expected to be used to support industries. Handouts might begin one month after the bill is promulgated and would be completed within
The National Development Council (NDC) yesterday unveiled details of new regulations that ease restrictions on foreigners working or living in Taiwan, as part of a bid to attract skilled workers from abroad. The regulations, which could go into effect in the first quarter of next year, stem from amendments to the Act for the Recruitment and Employment of Foreign Professionals (外國專業人才延攬及僱用法) passed by lawmakers on Aug. 29. Students categorized as “overseas compatriots” would be allowed to stay and work in Taiwan in the two years after their graduation without obtaining additional permits, doing away with the evaluation process that is currently required,
RELEASED: Ko emerged from a courthouse before about 700 supporters, describing his year in custody as a period of ‘suffering’ and vowed to ‘not surrender’ Former Taiwan People’s Party (TPP) chairman Ko Wen-je (柯文哲) was released on NT$70 million (US$2.29 million) bail yesterday, bringing an end to his year-long incommunicado detention as he awaits trial on corruption charges. Under the conditions set by the Taipei District Court on Friday, Ko must remain at a registered address, wear a GPS-enabled ankle monitor and is prohibited from leaving the country. He is also barred from contacting codefendants or witnesses. After Ko’s wife, Peggy Chen (陳佩琪), posted bail, Ko was transported from the Taipei Detention Center to the Taipei District Court at 12:20pm, where he was fitted with the tracking
RSS