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The First Annual Meeting of the South Asia Business Forum (SABF) was held at New Delhi, India on 13 August 2002. It was set up by the apex Chambers of Bangladesh, Bhutan, India and Nepal in association with the Asian Development Bank and brought together senior policy makers and business leaders from the four countries to chart a strategy for enhancing private sector co-operation in the region. The SABF Annual Meeting reiterated the strong desire of the business leaders to promote a greater level of sub-regional economic co-operation for stepping up the pace of development in the sub-region.

India's Commerce Secretary, Mr Dipak Chatterjee, along with his counterparts, Mr Suhel Ahmed Choudhury, Commerce Secretary, Bangladesh, Dasho Karma Dorjee, Trade and Industry Secretary, Bhutan, and Mr Bhanu Prasad Acharya, Secretary, Commerce, Industry and Civil Supplies, Nepal, addressed the large gathering of business delegates from the four nations and conveyed the support of their respective Governments. While acknowledging the immense potential of economic co-operation in the region and the synergies that could be exploited to accelerate growth, the Commerce Secretaries urged the private sector to develop a consensus on specific measures for promoting the growth of trade and investment in the region.

The President of FICCI, Mr R S Lodha, and his colleagues Mr Yusuf Abdullah Harun, President, FBCCI, Bangladesh, Mr Bap Kinga, Vice-President, BCCI, Bhutan, Mr Binod Shrestha, Vice-President, FNCCI, Nepal and the main partners of the SABF, reiterated the desire of the business leaders across the borders to enhance the level of trade and investment by bringing down the non-tariff barriers that constrained the achievement of a higher level of economic co-operation in the region.

The SABF Meeting was a successful milestone in the development of business-to-business cooperation in the sub-region. It was recognized that further efforts are required to strengthen Government-to-Government cooperation. With the important catalytic role played by ADB in carrying forward this process, prospects of sub-regional cooperation in South Asia have now reached the take off stage.

The Second Meeting of the Trade, Investment and Private Sector Cooperation Working Group (TIPWG) under RETA 5936: Identification and Prioritization of Sub-regional Projects in South Asia was held alongside the SABF and reviewed progress on the action plan prepared at the first meeting:

• Establishment of SABF has been accomplished.
• The SABF website has been launched.
• A dissemination program regarding SABF among government, business, media, academia and other stakeholders has been initiated.
• Establishment of SABF facilitation cells in each participating country has been accomplished and they have been inter-linked on the SABF website.
• Establishment of the SABF Policy Review Council to address urgent reform issues for the promotion of trade and investment in the sub-region is to be completed.
• Sector studies supported by ADB have been initiated.
• Holding an SABF conference to showcase South Asia as a trade and investment destination on the occasion of ADB annual meeting in Istanbul, Turkey, has been confirmed.

The Working Group also discussed procedures and issues on the operation of the SABF and the financing of its activities. ADB has been requested to undertake, on a priority basis, a comprehensive study on trade facilitation in the sub-region. The study will examine measures that would encourage intra-regional trade and facilitate investments, including identification of non-tariff barriers and specific recommendations on how to facilitate trade and investments in the sub-region.

ADB reiterated its commitment to nurturing this initiative towards cooperation in the sub region and expressed its role as a facilitator rather than as a driver. The Working Group expressed appreciation of ADB's continued support to regional cooperation.

• Read the Highlights and Proceedings of the Meeting.