Asian countries decide to create trade pact for A-Pac

NEW DELHI: Business leaders of Asian nations today decided to promote new free trade agreements and strengthen the existing pacts to use them as building blocks for creating a Free Trade Area of the Asia Pacific (FTAAP).

According to a joint statement issued after the 4th Asian Business Summit, economic partnership agreements and FTAs will bind Asian economies together and promote greater regional cooperation for expanded trade in goods, services and greater cross-border investment flows, besides dismantling of non- tariff barriers.

SCO contemplates expanding membership

By opening its doors to India, Iran and Pakistan, the Shanghai Cooperation Organization will increase its legitimacy and effectiveness among regional and international powers, and enhance its power posture in the international scene.

During the recent meeting of foreign ministers of Shanghai Cooperation Organization (SCO) at Cholpon-Ata, Kyrgyzstan, the Chinese Foreign Minister, Wang Yi emphasized how the group has “actively pushed forward the regional cooperation.” He also reiterated that China would abide by its “policy of friendship and partnership with neighbouring countries.” This spirit of cooperation or what is referred in sections of media as ‘Shanghai Sprit’ was also reiterated during the meeting of defence ministers of the group held in last week of June 2013 in the Kyrgyz capital, Bishkek. The widening of the SCO’s membership to include India, Iran and Pakistan will accrue numerous advantages to the group and strengthen its capacity to realise its goal of regional peace and stability.