STATEMENT BY HON'BLE FM AT HIGH LEVEL SEMINAR ON ECONOMIC COOPERATION IN ASIA, ISLAMABAD, APRIL 05, 2005.

Mr. Chairman, Hon'ble Ministers, Excellencies,
Distinguished participants, Ladies and Gentlemen

It is great privilege for me to be with you this morning. I thank the organizers of the "High Level Seminar on Economic Cooperation in Asia" for the invitation. The theme of our discussion today addresses the core issue of ACD.

Asia constitutes a substantial part of the developing world. However, being at different stages of economic development and having different policy priorities at national levels, the countries in the region do not make up a homogenous economic group. As a whole they are well endowed with economic resources in different sectors, such as agriculture, energy, mining, human resources and strategic trading regime. Yet this substantial resource base does not manifest itself in the form of reasonable levels of economic and human development in many Asian countries.

At a time when cooperation in the regional context is the buzzword, we in Asia are left with no option other than strengthening the process of ACD. A number of sub-regional cooperative frameworks have been established, such as SAARC, ASEAN, ASEAN plus three (Japan, China and South Korea), BIMST-EC, Shanghai Cooperation Organization (SCO) and GCC. We are yet to reach an Asia-wide Cooperation forum that unites the whole continent.

Our effort to make ACD a Pan-Asian forum is certainly a step in the right direction. The basic purpose is to consolidate Asia's inner strength and the utilization of its combined abundant resources to enhance Asia's competitiveness and prosperity. ACD could be considered a roadmap towards the Asian Economic Integration. Our final goal is to achieve a step-by-step shift towards a fully integrated Asian Community. We are strongly committed to this aim, and our actions individually and collectively must follow up on our commitments.

Mr. Chairman,

Since its inception, ACD has made swift progress in terms of both the dialogue and the project dimensions. On dialogue, the Second and Third ACD Foreign Ministers' Meetings held in June 2003 and June 2004 respectively made important contributions to our exploring areas of cooperation: the strong support for developing the Asian bond market; energy security; infrastructure development; human resources development; and strengthening the "voice of Asia" in the international arena give rise to genuine hope for Asian prosperity. Frequent dialogues help enhance comfort level among the policy makers of Asian countries and provide them with a platform to candidly exchange views on Asia-related matters and beyond. The comfort level, mutual understanding and friendship must continue to remain a strong basis for enhanced cooperation, particularly for a continent as diverse as Asia.

Within the short span of three years, our progress at the project level cooperation has also been noteworthy. The prime movers in the 19 agreed sectors have actively contributed to the ACD process. Bangladesh as a co-prime mover in poverty alleviation had hosted a seminar on the rehabilitation of working children. A number of important recommendations have come up from the Seminar, which need to be followed up in right earnest.

Mr. Chairman,

Global developments certainly give rise to new challenges, which can hinder our progress in promoting prosperity. It is timely that the High-Level Seminar today will be deliberating on key challenges to Asia's competitiveness. I feel expansion of trade, human resource development and capacity-building, financial stability, sustainable agriculture development with emphasis on improving the farmers' well-being, etc. are the main challenges before us.

In our quest for peace, prosperity and development in Asia, we must intensify cooperation in the field of energy and food security; promote investments and joint ventures to facilitate cross-border movement of capital and investments and to encourage scientific research and development among ACD members with a view to enhancing the technological capabilities of Asia. The devastation of Tsunami that some of our members faced recently, drove home the point that we need to intensify cooperation in disaster management.

At a time when developing countries as well as developed countries are consolidating inward looking trade blocs, Asia may be by-passed unless we increase trading within our region and improve our bargaining capacity as a group. At the same time unless the productive capacity of its least developed members are enhanced by increased investment and/or transfer of improved technology, mere liberalization of trade may not produce sustainable results.

Mr. Chairman,

The nineties have witnessed a series of major international conferences. Each has adopted an elaborate, target oriented and achievable programme of action with clear and specific responsibilities at national, regional and international levels. The recent conferences in Monterrey, Johannesburg, and the Third UN Conference on LDCs at Brussels have reinforced the previous commitments. Issues such as greater market access and fairer trade, capacity building investments, trade-distorting subsides, debt, enhanced ODA, access to cheaper medicine and technology and free flow of labour would continue to demand focused attention of the international community. This year, our leaders would have opportunity at the September Summit to take a mid term review on implementation of the Millennium Development Goals. As a united Asian voice we must underscore that implementation of the MDGs are a collective responsibility requiring true partnership between the developed and the developing countries, and that in fulfilling the eighth goal, the developed countries a commitment form which they must not now turn away.

Mr. Chairman,

ACD symbolizes Asian solidarity. I am confident that the outcome of today's High Level Seminar will provide useful inputs for our deliberation tomorrow. Together we can and we must make every effort to build a prosperous and self-reliant Asia.

I thank you.

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