The Fourteenth SAARCFINANCE Governors’ Symposium began in Kathmandu today. Devoted to the theme, “Developing a Common Platform for Strengthening Digital Payment System in the SAARC Region”, the two-day Symposium was organized by Nepal Rastra Bank under the auspices of SAARCFINANCE.

 

The Symposium was attended by the Governors and Deputy Governors of the Central Banks of the Member States of SAARC.

 

The Hon. Finance Minister of Nepal graced the Inaugural Session of the Symposium. Addressing the Inaugural Session of the Symposium, the Minister underlined the need for strengthened collaboration among the monetary authorities of the Member States. H. E. Mr. Amjad Hussain B. Sial, Secretary General of the South Asian Association for Regional Cooperation (SAARC), also addressed the Inaugural Session of the Symposium. He said, “With a view to achieving the objectives of SAARC, our leaders have expressed their resolve to promote trade, economic and financial relations among the Member States. More recently, during the Eighteenth SAARC Summit in Kathmandu in November 2014, our leaders expressed their strong determination to deepen regional integration by intensifying cooperation, inter alia, in trade, investment and finance. More importantly, our leaders renewed their commitment to achieve South Asian Economic Union (SAEU) in a phased and planned manner through a Free Trade Area, a Customs Union, a Common Market, and a Common Economic and Monetary Union.”

 

In his Address, the Secretary General also touched upon measures initiated by SAARC in the progression towards the eventual goal of SAEU, including efforts underway to promote intra-regional trade, and improve intra-regional connectivity and infrastructure. SAARCFINANCE is a network of Governors of the Central Banks of the Member States of SAARC. Its primary objective is to share experiences on macroeconomic policy issues and promote collaboration among the monetary authorities in the region.

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Kathmandu, 27 June 2018

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The SAARC Arbitration Council, a Specialized Body of SAARC, and the Nepal Council of Arbitration, co-organized the Workshop on the theme, the Role of Arbitrators in Fostering Efficient Resolution of Disputes, today.

 

The one-day Workshop in Kathmandu brought together members of the legal fraternity from the Member States of SAARC to discuss the role of Arbitrators in resolution of trade disputes.

 

The Rt. Hon'ble Chief Justice of the Supreme Court and the Hon. Minister for Law, Justice and Parliamentary Affairs of Nepal graced the Inaugural Session with their august presence. Addressing the Inaugural Session of the Workshop, they underscored the importance of arbitration in trade related matters, promotion of economic relations and renewed Nepal’s commitment to the SAARC process.

 

H. E. Mr. Amjad Hussain B. Sial, Secretary General of the South Asian Association for Regional Cooperation (SAARC), also addressed the Inaugural Session of the Workshop. He said, “In view of fast growing economies of the countries in the region, it is crucially important to put in place an efficient mechanism for resolution of trade disputes. As we all know, efficient legal services for trade arbitration espouse greater trade and investment, both intra-regionally and globally.”

 

In his Address, the Secretary General further said, “Our region has a vast pool of arbitrators and young budding professionals working towards creating a modern and sustainable trading environment, including a system to efficiently resolve regional and international commercial disputes within the SAARC region. This Workshop provides a welcome opportunity to discuss measures to harness the region’s potential in arbitration and Alternate Dispute Resolution (ADR).”

 

The Director General of SARCO and Chairman, Nepal Council of Arbitration, also addressed the Inaugural Session of the Workshop.

 

During the Thirteenth SAARC Summit in Dhaka in November 2005, the SAARC Heads of State or Government signed the Agreement to Establish the SAARC Arbitration Council.

 

Operational in Islamabad since 2010, the Council has been able to establish itself as an efficient regional Alternate Dispute Resolution (ADR) mechanism, enabling the traders to resolve their disputes without having to go through a judicial process, which is both expensive and time-consuming.

Kathmandu, 27 June 2018

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Secretary General of SAARC calls on the Minister for Industry, Commerce and Supplies of Nepal

H. E. Mr. Amjad Hussian B. Sial, Secretary General of SAARC, called on Hon. Mr. Matrika Prasad Yadav, Minister for Industry, Commerce and Supplies of Nepal today.

 

During the meeting, the Secretary General felicitated the Hon. Minister on his assumption of the Office and expressed good wishes for success in his important assignment.

 

While reiterating Nepal’s commitment to the SAARC process, the Hon. Minister underscored the need for early convening of the Nineteenth SAARC Summit. He further stated that the Rt. Hon. Prime Minister of Nepal, as the current Chair of SAARC, has been in consultation with other Member States to create a conducive environment for early convening of the Summit.

 

The Hon. Minister underscored the need for enhanced intra-regional trade and economic cooperation for the promotion of the welfare of the peoples and socio-economic development in the region. Referring to the low level of intra-regional trade and economic cooperation, the Hon. Minister stated that the meetings of the SAFTA Ministerial Council, SAFTA Committee of Experts and Committee on Economic Cooperation should be convened early to facilitate trade and economic cooperation in the region.

 

The Secretary General expressed appreciation to the Government of Nepal for its unflinching commitment to the SAARC process and endeavours being made by the Rt. Hon. Prime Minister of Nepal for early convening of the Nineteenth SAARC Summit. He briefed the Hon. Minister about the status of cooperation in trade and economic areas under the auspices of SAARC. Underscoring the importance of regular convening of SAARC meetings to sustain the momentum of the SAARC process, the Secretary General underlined the need for early convening of the meetings of the SAFTA Ministerial Council, SAFTA Committee of Experts and Committee on Economic Cooperation at the earliest. He emphasized the need for enhanced level of economic cooperation and trade within the SAARC region to promote socio-economic development, which is essential for well-being of the peoples of South Asia, which, he added, is one of the cardinal objectives of SAARC. He also underlined the importance of enhanced connectivity and facilitation of visa in order to promote economic relations, people-to-people contacts and tourism in the region. He also thanked the Government of Nepal for its valuable support to the Secretariat.

Kathmandu, 18 June 2018

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H. E. Mr. Amjad Hussain B. Sial, Secretary General of the South Asian Association for Regional Cooperation (SAARC), addressed the Third Convocation of the South Asian University in New Delhi this morning.

 

Visitor’s Nominee Honourable Mr. Giriraj Mani Pokharel, Minister for Education, Science and Technology of the Federal Democratic Republic of Nepal, and Chief Guest Honourable Dr. Vinay Sahasrabuddhe, Member of the Parliament of the Republic of India, graced the Convocation with their august presence. They also addressed the Convocation.

 

In his Address at the Convocation, the Secretary General recalled the vision of the South Asian University evinced by the former Prime Minister of India, Dr. Manmohan Singh, during the Thirteenth SAARC Summit in Dhaka in November 2005 and his offer to host the University in New Delhi. He stated, “The establishment of the South Asian University is the manifestation of the determination of the Member States to promote regional engagement in education. As a Centre of Excellence, the University is a beacon of hope for our youth who are our future.”

 

On the auspicious occasion of the Third Convocation, the Secretary General congratulated the distinguished Members of the Governing Board, President, Vice Presidents, Registrar, faculty, members of various Committees, staff and students of the South Asian University. He also felicitated the students who were graduating from the University this year.

 

Citing the importance of education, the Secretary General said, “As we all know, education is of utmost importance to develop our youth into valuable assets for our society. With education, our youth is equipped with the talent and capability for promoting socio-economic development, contributing eventually to the welfare of the peoples. Education is a sine qua non for alleviating poverty from the region, which has about 40% of the world’s poor.”

One of the primary objectives of SAARC as enshrined in its Charter is to “provide all individuals the opportunity to live in dignity and to realize their full potentials.” As education empowers people, allowing them to realize their potentials, it has been one of the fundamental areas of focus of SAARC. Furthermore, SAARC recognizes literacy as a fundamental human right, the Secretary General said in his Address.

 

Since its establishment in August 2010 in New Delhi, the University has been providing world-class education to South Asian students at affordable cost. Until last year, 837 students have got Master’s Degree, while seven have secured M.Phil. Degree from the University. This year, the University will award 161 students with Master’s Degree, 10 with M.Phil. and 06 with PhD.

 

The Government of India has allocated 100 acres of land in Maidan Garhi, South Delhi, and funds required for constructing a permanent complex of the University, which is currently underway.

 

Kathmandu, 07 June 2018

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