▁adopted ▁the ▁Dec laration ▁on ▁South ▁Asian ▁Association ▁Regional ▁Co operation ▁( SA AR C ) ▁and ▁formally ▁launched ▁the ▁Integr ated ▁Program me ▁of ▁Action ▁( IP A ) ▁initially ▁in ▁five ▁agreed ▁areas ▁of ▁co operation ▁namely , ▁Agricult ure ; ▁R ural ▁Development ; ▁Tele communic ations ; ▁Meteor ology ; ▁and ▁Health ▁and ▁Population ▁Activ ities . ▁ ▁Official ly , ▁the ▁union ▁was ▁established ▁in ▁D h aka ▁with ▁Kath m and u ▁being ▁union ' s ▁secret ariat - general . ▁The ▁first ▁SA AR C ▁sum mit ▁was ▁held ▁in ▁D h aka ▁on ▁ 7 – 8 ▁December ▁ 1 9 8 5 ▁and ▁hosted ▁by ▁the ▁President ▁of ▁Bang l adesh ▁H uss ain ▁Er sh ad . ▁The ▁declaration ▁signed ▁by ▁King ▁of ▁Bh ut an ▁J ig me ▁Sing ye ▁Wang ch uk , ▁President ▁of ▁Pakistan ▁Z ia - ul - Ha q , ▁Prime ▁Minister ▁of ▁India ▁Raj iv ▁Gand hi , ▁King ▁of ▁Nep al ▁Bir endra ▁Shah , ▁President ▁of ▁Sri ▁L anka ▁J R ▁Jay ew ard ene , ▁and ▁President ▁of ▁M ald ives ▁Ma um oon ▁Gay oom . ▁ ▁M embers ▁and ▁obser vers ▁Econom ic ▁data ▁is ▁s our ced ▁from ▁the ▁International ▁Mon et ary ▁Fund , ▁current ▁as ▁of ▁December ▁ 2 0 1 9 , ▁and ▁is ▁given ▁in ▁US ▁dollars . ▁ ▁M embers ▁ ▁The ▁member ▁states ▁are ▁Afghan istan , ▁Bang l adesh , ▁Bh ut an