The 21st century is Asia's, said the prime minister, also the current Saarc chairperson, as the foreign ministers of the member countries sat for an important meeting in Dhaka to execute some of the major decisions taken in the forum's recent summit.

"We are happy to see progress in the implementation of Safta. Dividends of economic benefits can play a crucial role in furthering regional cooperation," she said inaugurating the two-day 27th session of the Saarc Council of Ministers at Dhaka Sheraton Hotel.

"We must take up high visibility projects and programmes, involving people from all sections of our societies. These could be precursor to a South Asian Economic Union," the prime minister said.

In this context, she mentioned the South Asian Development Fund, which she said can play an effective role in helping the economic integration of the nations. In its third decade, the South Asian Association for Regional Cooperation (Saarc) can be the vehicle for building a peaceful and economically prosperous South Asia, she noted.

"Globalisation is forcing nations to face multifaceted challenges individually and collectively. These require us to take hard and swift decisions and also to ensure their early implementation," the Saarc chair told the Council of Ministers.

She urged the foreign ministers to get down to finalising the document on Saarc Vision for the Third Decade for adoption at the next summit.

The prime minister requested the Saarc foreign ministers to accord the highest priority to this matter and to place their considered recommendations at the next summit, scheduled to be held in New Delhi.

She urged them to look for ways and means for addressing sustainable development to alleviate poverty in South Asia. In this context, it is also necessary for all Saarc member-states to achieve the goals laid down in the "Saarc Decade for Poverty Alleviation (2006-2015)".

Khaleda said a number of important decisions were taken at the Dhaka summit aiming to position Saarc on a robust platform. These are essential for moving South Asia towards swift socioeconomic growth and making the region a vibrant, dynamic and secure place for all.

The current chair of the SAARC Council of Ministers and Bangladesh Foreign Minister, M Morshed Khan, Indian State Minister for External Affairs E Ahamed and Saarc Secretary General Lympo Chenkyab Dorjee also spoke at the inaugural session.

“We resolved to create a firm basis for the economic prosperity of 1.4 billion South Asians and to make Saarc an effective instrument in achieving that objective. We have collectively demonstrated to our peoples and the international community that Saarc is increasingly poised towards more focused, action-oriented and time-bound activities than ever before," Khaleda said.

An important reflection of this positive trend is the interest expressed by major international players like China, Japan, Republic of Korea, the United States and the European Union to associate themselves with Saarc as observers, she pointed out to underpin her optimism about advances of the nations under this forum.

The prime minister welcomed the foreign minister of Afghanistan, representing Saarc newest member, and hoped that Afghanistan's formal inclusion in the Saarc family at the next summit would add a new dimension and substances to South Asian cooperation.

Foreign Ministers of Saarc countries were on the dais. Afghan Foreign Minister Rangin Dadfar Spanta was also on the dais as a special invitee.

Ministers, MPs, diplomats, high officials and members of the delegations attended the inaugural ceremony.