Opening the meeting, Prime Minister Sushil Koirala stressed on broader cooperation among the SAARC Member States for peace, stability and development in the region.
"Close economic cooperation is essential for lasting peace and prosperity. We believe that the vision of South Asian Economic Union (SAEU) remains relevant and can be achieved in a phased manner within a reasonable period of time with an inbuilt provision for sharing benefits equitably among its participants," the Prime Minister said, indicating to the goal of establishing SAEU that has been enshrined in the Kathmandu Declaration.
Stating Nepal, as the Chair, has been working closely with all SAARC member states for the implementation of the decisions contained in the Kathmandu Declaration 2014, he said South Asia is a region of vast opportunities endowed with both human and natural resources and that collective political will and joint efforts could make a difference in changing the development landscape of this region. This demands that we act now with a sense of purpose, unity, and urgency.
"Our region is home to one fifth of the humanity and has a rich civilization. There are more commonalities that bring us closer than the factors that divide us. We must build on the positive factors and create a synergy in favor of enhanced cooperation for furthering peace, stability, and development in the region. The central message is that in this age of increasing interdependence and interconnectedness the cost of non-cooperation will be colossal."
Underpinning the need for increased interaction, dialogue, and collaboration in the SAARC region, PM Koirala stated that there should be substantial cooperation and investment in connectivity and other core economic areas to transform the region into a highly integrated one from its current status of the least integrated one. Connectivity will give a real substance and add value to South Asia's geographical contiguity, which is yet another vital enabling factor, he added.
"Connectivity in forms of physical infrastructures, energy and knowledge connectivity can catalyze meaningful cooperation in trade, tourism, investment, finance, and energy, among others, which are the key components of a deeper integration. By creating opportunities for seamless connectivity, we can maximize gains from trade and commerce and herald a new dawn in economic security for the region."
SAARC will need a substantial measure of coordination of macroeconomic policies and practices to deepen economic integration, PM Koirala suggested, while expressing happiness that matters such as cooperation in financial sector, flow of financial capital and intra-regional long-term investment, currency swap arrangements, SAARC Development Fund and SAARC Agreement on Promotion and Protection of Investments will be discussed during this meeting.
He stated that deepening economic integration can give the region economic and social security only if the member states strengthened commitments and joint efforts and vigilance to fight against terrorism, growing extremism, trafficking in persons, drugs and arms, money laundering and other challenges like natural calamities and public health that have transnational dimensions.
"SAARC Finance Ministers Meeting is an important mechanism within the SAARC framework that can be effectively utilized to foster deeper economic integration in line with changing economic realities in the world. I am confident that this meeting will be able to take concrete decisions to advance the SAARC process forward in the spirit of the 18th SAARC Summit- Deeper Integration for Peace and Prosperity. I thank the commendable job done by the SAARC Finance Secretaries as preparation for this meeting," the PM said.
While noting that the long-cherished goal of SAARC is to improve the quality of life of the peoples in the region by engaging in meaningful economic cooperation, PM Koirala stressed that cooperation should generate win-win scenario for all and help create conducive environment for job opportunities for burgeoning youth population of the region.
"Our region continues to loose precious social capital of the young people who are compelled to leave the country in large numbers every year in the absence of employment opportunities at home. This trend has to be reversed with a greater flow of financial capital and intra-regional long-term investment in productive sectors of our economies," he added.
Extending sincere appreciation to all fellow SAARC Member States for their spontaneous and generous support extended to Nepal in the aftermath of the devastating earthquake of April 25 and the powerful aftershocks that followed, he said the moment has proved once again that 'we South Asians are always united and care about neighbours when they are in difficulty and distress.'
Touching on the current political situation in the country, Premier Koirala said Nepal is all set to open a new chapter in its political history by promulgating a democratic constitution through the Constituent Assembly.
"Nepal thanks SAARC fellow member states for their continued support to and solidarity with the people of Nepal in this vital national task. The promulgation of the constitution will bring the protracted political transition to an end and will put representative institutions and culture of democratic pluralism in place to nurture the aspirations of diverse communities in the country. We hope this will also pave the way for socio-economic transformation, which is so essential to underpin the democratic transformation and its stability. We firmly believe that a peaceful, stable, democratic, and prosperous Nepal is not only in our interests but also essential for peace, stability and prosperity in the region."
Stating that Asia-Pacific region has emerged as an engine of global growth and the world was watching with interest the power and promise of South Asian potentials, PM Koirala noted united in peaceful cooperation, the region can work to translate the liberal environment into lasting peace, stability, and building strong democratic institutions to promote trust in the region.
"This will create an enabling environment to move forward with strong resolve and vision to promote better economic prospects for our people, and put South Asia on the front of global affairs," the PM believed.
Related story
SAARC finance ministers meet in Manila
