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Josy Joseph in Kathmandu
The next SAARC summit would be held in Pakistan early next year.
Under SAARC custom, each country's turn to host the meet is decided according to alphabetical order, and after Nepal it is the chance of Pakistan to host the next summit.
Pakistan President General Pervez Musharaf accepted the offer and said it would be held sometime early next year.
The 11th SAARC summit that ended on Sunday, meanwhile, committed itself to the creation of a South Asian Economic Union in a phased and planned process.
The Kathmandu resolution that was approved at closing session of the summit, also made new commitments by the seven south Asian countries to improved economic cooperation, poverty alleviation, cooperation in the social and cultural sector, improvement of the condition of women and children and education.
The leaders agreed to undertake effective and sustained poverty alleviation programmes through pro-poor growth strategy and social as well as other policy interventions with specific sectoral targets.
The summit decided to undertake 'sustained measures to extend rural micro-credit programmes with focus on women and the disadvantaged sections of the society'.
The leaders also agreed to reconstitute the Independent South Asian Commission on Poverty Alleviation, with Nepal as its convenor and Bangladesh as co-convenor.
The leaders also recognised the 'debilitating and widespread impact of the HIV/AIDS, TB and other communicable deadly diseases on the population of South Asia and stressed the need for evolving a regional strategy to combat these diseases'.
The SAARC nations also agreed to set up a voluntary fund with contributions from member states, donors and other agencies for rehabilitation and reintegration of the victims of trafficking.
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