A meeting of the finance ministers of SAARC member states has vowed to move towards establishing the South Asian Economic Union (SAEU), as directed by the SAARC leaders. The seventh SAARC finance ministers’ meeting, held here recently, has given a necessary impetus to move towards better regional integration envisaged by the 18th SAARC summit held on November 26 and 27, last year in Nepal.

“SAARC member nations will have to go through different phases like forming customs union, common market and monetary union to achieve the target of SAEU,” said Finance Minister Ram Sharan Mahat after concluding the meeting. “South Asian nations should move towards faster trade liberalization within the region through harmonization of customs procedures, standards, reducing high trade and transit cost, and developing better infrastructure.”