The Meeting recommended that the Sub-Group on Investment and Arbitration be directed to finalize the Agreement and submit it for the approval of the next session of the Standing Committee which will meet in December 2007.
The Meeting directed the Inter-Governmental Group on Financial Issues to develop a roadmap for achieving the South Asian Economic Union in a phased and gradual manner.
In order to facilitate institutional cooperation aimed at development of Capital Markets in the region, the Meeting recommended Harmonization of Securities Market regulations; facilitation of cross-border transaction on the Capital Side; and Formal
Agreements among regulators and Ministries of Finance of SAARC Countries. The Meeting recommended the establishment of an Expert Group on Development of Capital Markets in South Asia.
On behalf of the Chair of SAARCFINANCE, Deputy Governor, Reserve Bank of India Shri Rakesh Mohan presented the report of the SAARC FINANCE for consideration of the Hon'ble Ministers.
The SAARCFINANCE is a regional network of SAARC Central Bank Governors and Finance Secretaries that work towards harmonization of banking legislation and practices within the region and strive for higher monetary and exchange cooperation.
India, as a current Chairman of SAARC, took a lead role in offering training programmes for the SAARC countries and identifying new areas of cooperation like Financial Inclusion. India offered to provide relevant capacity building support for the development of Capital Markets in the region at the National Institute of Securities Market.
Maldives offered to host the Third Meeting of the SAARC Finance Ministers in Male in early 2009”.
Click Here to view List of Heads of Delegation attended the meeting:
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