One concrete outcome of the dialogue with the European Union aimed at concretising the SAARC-EU cooperation is the establishment of a fund to finance projects that are mutually acceptable. The SAARC-EU fund would provide resources for projects on environmental and coastal conservation and for areas such as training for secretariat staff and diplomatic training.

Describing the dialogue with the two regional organisations as ``historic,'' Lakshman Kadirgamar, the foreign minister of Sri Lanka, who is currently the SAARC chairman, told newsmen at the United Nations on Monday that SAARC was moving into an era of more intensive and fruitful cooperation among member states and with other regional organisations.

The SAARC-Asean dialogue culminated in the decision to engage in consultations through their respective missions in Geneva in regard to matters relating to the World Trade Organisation (WTO) and on other economic issues.

Kadirgamar said the coming together of these two Asian regional blocs was likely to enhance their bargaining power in international negotiations. It was noted at the SAARC-ASEAN meeting that although the SAARC states were not as badly affected by the financial crisis, it would be beneficial to have an exchange of views between the two groups on the issue as it was important to take a long-term perspective on the problem.

The SAARC side to the dialogue with the troika of the European Union (Austria, United Kingdom and Germany), was led by Kadirgamar, and included the foreign ministers of Bangladesh and Pakistan. The troika was led by the state secretary Benita Ferrero for foreign affairs of Austria, who is the current chairman of EU, foreign minister of Singapore, S Jayakumar led the Asean group at the SAARC-ASEAN dialogue.