<P> However, after a series of diplomatic consultations headed by Bangladesh between South Asian U.N. representatives at the UN headquarters in New York, from September 1979 to 1980, it was agreed that Bangladesh would prepare the draft of a working paper for discussion among the foreign secretaries of South Asian countries . The foreign secretaries of the inner seven countries again delegated a Committee of the Whole in Colombo on September 1981, which identified five broad areas for regional cooperation . New areas of co-operation were added in the following years . </P> <P> In 1983, the international conference held in Dhaka by its Ministry of Foreign Affairs, the foreign ministers of the inner seven countries adopted the Declaration on South Asian Association Regional Cooperation (SAARC) and formally launched the Integrated Programme of Action (IPA) initially in five agreed areas of cooperation namely, Agriculture; Rural Development; Telecommunications; Meteorology; and Health and Population Activities . </P> <P> Officially, the union was established in Dhaka with Kathmandu being union's secretariat - general . The first SAARC summit was held in Dhaka on 7--8 December 1985 and hosted by the President of Bangladesh Hussain Ershad . The declaration signed by King of Bhutan Jigme Singye Wangchuk, President of Pakistan Zia - ul - Haq, Prime Minister of India Rajiv Gandhi, King of Nepal Birendra Shah, President of Sri Lanka JR Jayewardene, and President of Maldives Maumoon Gayoom . </P> <P> Economic data is sourced from the International Monetary Fund, current as of April 2015, and is given in US dollars . </P>

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