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SOUTH ASIAN FREE TRADE AREA BECOMES OPERATIONAL.
NEW DELHI, Jan 2 Asia Pulse - The South Asian Free Trade Area (SAFTA), which paves the way for free trade in goods among SAARC member countries, came into effect on Sunday.
As per the agreement, India, Pakistan and Sri Lanka will impose their customs duties to 0-5 per cent by 2013, while the least developed members Bangladesh, Maldives, Nepal and Bhutan will do it by 2018.
India, as the larger and relatively developed economy, will provide concessions to Least Developed Countries (LDCs), including a mechanism to compensate the revenue loss, due to a reduction in duties. The LDCs, which will be compensated include Bangladesh and Maldives.
The Indian Cabinet ratified the agreement on December 29, 2005.
As per the agreement of SAFTA, the trade ...
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Source: HighBeam Research, SOUTH ASIAN FREE TRADE AREA BECOMES OPERATIONAL.