Informal bilateral

During the Summit, the SAARC leaders had been holding informal bilateral talks and discussions in the intervals between formal meetings. The leaders also agreed to transform the South Asian Region into a free trade area. This can be said to be one of the biggest achievements of this Summit because the new target date of 2001 represents a four year advance over the original deadline of 2005. It will prove a big boost to intra-SAARC trade which is currently very low at 3% in comparison to other regional groups like ASEAN etc. There is a vast possibility of regional integration, of trade and investment among the member States in such vital infrastructure sectors as roads, transport, communication and power. Increased integration and cooperation will also allow business and industry to take more advantage of a larger regional market.