By this Declaration, the High Contracting Parties have decided to establish among the OIC countries in this region the South and South East Asian Co-operation Organization, henceforth to be knows as SEACOto be founded on the gradual establishment of a sub regional common market, common objective and common intention , with the following aims and objectives:
S E A C O shall have as its task to contribute in harmony, keeping in view the differences in their economic development of the Member States and through the establishment of preferential trading arrangement and through the gradual establishment of a sub-regional P.T.A and F.T.A to be followed by a sub-regional common market for economic expansion, growth of employment and a rising standard of living in the member States.
The S E A C O shall progressively bring about conditions which will themselves ensure the most rational distribution of production at the highest possible levels of productivity , while safeguarding continuity of employment and taking care not to provoke fundamental and persistent disturbances in the economies of member State. This objective will be facilitated by FDI, Reverse Investments and Cross Border investment and relocation of labour intensive industries to labour surplus Member State to exploit their respective complementarities for mutual benefit.
Recognizing that the technological, scientific and information communication technologies have produced rapid growth in the World Economy and Trade that the new globalised order in production , trade and investment has increased economic interdependence- creating regional and sub-regional part5nerships to mitigate the effects and reap benefits of the new globalised order and to reduce risks and adverse effects on developing countries.
Recognizing emergence of regional groupings is a complementary development in the process of globalization and that SEACO will epitomize a visionary approach of promoting economic interdependence in the OIC sub-region of South and South East Asia.
Guided by the ideal that the contribution this OIC sub-region can make towards a Dialogue between Civilization which is indispensable to the maintenance of peaceful relations between peoples and nations and peace in the region and the World peace can be safeguarded by the creative efforts commensurate with the dangers that threaten it.
Recognizing that OIC Economic Co-operation can be built only through practical economic achievements which will translate into real solidarity by contributing to the harmonious development and expansion and provide a catalyst for sub-regional, regional and world trade.
Determined to lay the foundation of ever closer relations among the peoples of the OIC countries in South and South East Asian Countries- agree to assist each other by expanding their sub-regional production base to raise the standard of living of their respective nations and peoples.
- Affirming as the essential objectives to their efforts the prime objective of improvement of the living and working standards of the peoples.
- Recognizing that the removal of existing obstacles call for concretized action in order to guarantee the steady expansion of balanced trade and fair competition by reducing distortions in trade.
- Anxious to strengthen the unity of their sub-regional economies to ensure their harmonious development by gradually reducing the differences existing between the Member State by creating new employment opportunities and improve living standards in their respective member countries.
The objectives of this Declaration to be elaborated through its principles and rules, including national Treatment to be set our in its CHARTER, which shall include the specific objectives of:
- To establish a commercial frame-work for business planning and investment to enhance the competitiveness of their firms in the regional and global markets.
- To promote trade in goods and services that are the subject of intellectual property rights by fostering creativity and innovation between Member countries.
- To eliminate barriers to trade in and facilitate cross border movement of goods, services and investments between member countries.
- To promote conditions of fair competition in the PTA/FTA and regional common market in a step by process.
- To increase substantially in investment opportunitities in the member countries
- To promote trade and investment and develop the necessary physical and legal infrastructure for this purpose as well as the adoption of macro economic reforms to encourage support for national stabilization and development programmes and to improve the capital market of the Member Countries.
- To create effective procedures for the implementation and application of this Declaration for its joint administration and for the resolution of disputes.
- To establish a frame-work for sub-regional and intra-regional cooperation to expand and enhance the benefits of this declaration.
That to carry out the above aims and objectives, the following machinery shall be established and the tasks entrusted to the to the Organization shall be carried out by the following institution , that a flexible organizational structure which will contain inter governmental, inter business and financial elements so that it can become an effective non- bureaucratic instrument of SEACO, capable of coordination and synchronizing the views and positions of the respective governments and private sectors of the Member States.
1. SEACO TASK FORCE:
- THAT an inter governmental and private sector SEACO Task Force be constituted to draw up the SEACO Charter on the basis of the SEACO DECLARETION, comprising the Minister of State for Foreign Affairs as the constituted with the respective inter -ministerial representation of the Ministries of Foreign Affairs, Finance, Commerce and Industry, the Board of investment and representatives of the Private Sector. - The Draft Charter shall be placed first to the National Standing Committees and the Council of Foreign Ministers and finally to the First SEACO SUMMIT for adoption.
National standing Committees: National standing Committee under the Chairmanship of the State Minister of Foreign affairs or his representative and having as its members the accredited Ambassadors of the Member States, Ensure the implementation of the decisions of the council in every Member Country. This will include representatives of the private sector.
Government Committees of specialists and officials, Ad HOC Committees on Specific subject may be constituted.
Council of Ministers
Annual meeting of Foreign Minister shall held by rotation and be referred to the SEACO Ministerial Meetings which shall also include Representatives of the private sector. Special Meetings of the Council may be convened as and when required.
SEACO BUSINESS COUNCIL
There shall a SEACO Business Council, constituting of the National Chamber of Commerce other Chambers and Trade associations decided by the respective Member Countries. The SEACO Business Council shall be represented in all relevant organ of the SEACO.
NATIONAL SEACO SECRETERIAT:
Each country a National SEACO Secretariat shall be formed to carry out the work of the organization on behalf of that country and to arrange for holding of the Bi-annual or special Meetings of foreign Ministers, the Standing Committee and such other Committees may be established.
SEACO SUMMIT :
There shall be an Annual Summit of the SEACO Heads of Government, by rotation each Member State and the country in which the Summit shall be held will assume Chairmanship till the holding of the subsequent Annual Summit. Arrange of the tasks and assignments of the Secretariat headed by the Secretary General be primarily administrative in nature. SEACO Secretariat shall , therefore, rotate with the rotation of Chairmanship SEACO Summit among the Member Countries in alphabetic order.
SEACO SUMMIT :
That the SEACODeclaration represents the collective will of the OIC countries of South and South East Asia to bind themselves together in their sub-region in other hood and cooperation and through joint efforts secure for their peoples and . Posterity the blessings of peace, freedom and sustainable economic development serving their unique ideals of culture and civilization., as highlighted by the declaration of the OIC Business Forum held in Putrajaya, Malaysia 15-16 October 03, held in conjunction with the 10th Session of the Islamic Summit Conference.
That the SEACO member countries and people have an important and creative contribution to make and that SEACO would facilitate the on going processes and structures, evolving as the key building blocks of OIC regional and sub regional organization to provide a viable framework for a more structured regional cooperation regarding To the setting up in phases of the IFTA and the ICM, within a time bound process.
With this vision of shared prosperity of the future and through mutual cooperation, The Heads of States and Governments look forward to the formation of the SEACO an essential component in building the new architecture of OIC Economic cooperation in this region.
one in on the October, 2003 in the year of two thousand and Two Hundred and Three.