DHAKA, May 25, 2023 (BSS) - Foreign minister Dr AK Abdul Momen today said Bangladesh stands ready to pursue closer cooperation with the SAARC countries for the socio-economic emancipation of the people of the region.

"It (Bangladesh) is committed to ensuring collective peace, progress and prosperity in the region," he said.
 
The foreign minister was speaking as the chief guest at Handover-Takeover ceremony of the Presidency of SAARC Chamber of Commerce and Industry this evening at a city hotel. 

Momen said Bangladesh has always been proactive towards promoting trust and friendship with the neighbouring and regional countries for the welfare of the people of the region. 

"Bangladesh always attaches utmost importance to the principles and objectives of SAARC," he added. 

He said that South Asia belongs to the fastest growing regions in the world which hosts nearly 24 percent of the world's population with a huge market of around 1.92 billion people. 

"Unfortunately, trade and economic cooperation among the members of SAARC are hardly satisfactory - hovering around only five percent of the total formal trade," he said, adding that there is plenty of scope for increasing trades among the member states.
 
"We need to take concrete and result-oriented actions for enhancing intra-regional trade for greater economic integration of the region," Momen said. 

The foreign minister said that the signing of SAFTA Agreement in 2006 was a milestone achievement for SAARC. 

"We must take measures to speed up the implementation of SAFTA in its true spirit in order to achieve our ultimate goal of realizing South Asian Economic Union (SAEU)," he said. 

The minister said, as the apex body of all the National Federations of Chambers of Commerce and Industry of SAARC Member States, SAARC Chamber of Commerce and Industry should play an effective role in this regard.