Kathmandu, Nov 27: Issuing a 36-point declaration, the 18th Saarc Summit will be concluded in Kathmandu Thursday. A closed door session is going on to give the final touch to the summit declaration, which is also called Kathmandu Declaration.
According to Nepal time, at 4.22 p.m., Nepal Prime Minister Sushil Koriala will formally announce the closure of the 18th Saarc Summit, Nepal's foreign ministry said.
All heads of state and government will be present during the closing ceremony of the summit. In the declaration, the member states will promise to set up a Saarc Economic Union like the European Union within 15 years.
One energy-related agreement will be signed during the summit while negotiations for the Saarc motor vehicle and railway accords will be completed within three months and signed during the next meeting of of the Saarc Council of Ministers six months later.
The member states also agreed to strengthen the Kathmandu-based Saarc Secretariat and to set up a mechanism to curb terrorism, religious fundamentalism and religious extremism. Several sub-committees will be formed to implement the past accords and agreements.
The next summit will be held in Pakistan after two years.