The 15th South Asian Association for Regional Cooperation (SAARC) summit has concluded Sunday afternoon by signing the 15th SAARC Summit Declaration in Colombo, Sri Lanka.

The heads of government and states of eight member countries winded up their two day deliberations with a joint declaration on issues of mutual concern and multilateral interests.

The declaration adopted by the eight South Asian leaders also warned that rising oil prices were threatening the hugely populous region's energy security as well as economic growth. The leaders also stressed the urgent need to develop the regional hydro potential.

The summit opened Saturday with the theme called "SAARC: Partnership for our people."

According to reports, food security, terrorism, energy, environment and regional economic and political cooperation were discussed at the meeting, among others.

The foreign ministers from SAARC member countries also signed four agreements, which include Charter of SAARC Development Fund, Agreement on the Establishment of South Asian Regional Standards Organization, SAARC Convention on Mutual Assistance in Criminal Matters and Protocol on Accession of Islamic Republic of Afghanistan to Agreement on South Asian Free Trade Area (SAFTA).

The two-day summit brought together Prime Minister Girija Prasad Koirala of Nepal, Indian Prime Minister Man Mohan Singh, Presidents Hamid Karzai of Afghanistan, Mahinda Rajapaksa of Sri Lanka and Maumoon Abdul Gayoom of the Maldives, Jigmey Thinley of Bhutan and Yousaf Raza Gilani of Pakistan as well as Fakruddin Ahmed, chief advisor of the caretaker Bangladesh government.

Established in December 8, 1985, the SAARC is an economic and political organization of eight countries from South Asia - India, Pakistan, Bangladesh, Nepal, Sri Lanka, Afghanistan, Maldives and Bhutan. Afghanistan had joined the SAARC at the 14th summit in New Delhi in April 2007. 

The next meeting of the 16th SAARC summit is scheduled to be held in the Maldives.

PM Koirala meets Man Mohan Singh

Prime Minister Giirja Prasad Koirala and Indian Prime Minister Man Mohan Singh held bilateral talks Sunday morning.

Reports said that the two leaders met at the Taj Samudra Hotel and held talks on contemporary issues of SAARC and Nepal.

During the meeting, the two leaders agreed on collective efforts for the development of SAARC. They also discussed where the SAARC Development Fund Secretariat should be stationed and what would be its framework as well as poverty alleviation and energy crisis in the SAARC region.