Free trade agreement brings hope to southern Asia
The landmark South Asian Free Trade Area (SAFTA) agreement, which holds the promise of boosting international commerce and trade in one of the world’s poorest regions, officially came into effect yesterday.
The free-trade pact is considered to be by far the most important decision taken by the seven-member South Asian Association for Regional Cooperation (SAARC) during its 20-year existence.
Nearly 23 percent of the world’s population lives in the SAARC region which is just three percent of the world’s area.
SAARC nations including India, Pakistan, Sri Lanka, Bangladesh, Maldives, Nepal and Bhutan initially agreed to the trading arrangement at their annual summit held in Islamabad in 2004..
More: taipeitimes.com
Related Travel Information
India to launch South Asia free-trade pact
The Indian cabinet approved on Thursday the introduction of a pact with its neighbours from Jan. 1 to promote free trade and economic ties in South Asia, home to nearly one-fifth of the world’s population.
Commerce Minister Kamal Nath said India would initially cut customs duties by five percent for goods imported from Pakistan, Sri Lanka, Bangladesh, Maldives and Nepal after the launch of the South Asia Free Trade Area (SAFTA) agreement.
Although some member countries are yet to ratify the pact, Indian officials said New Delhi would go ahead with implementing the agreement from Jan.
South Asia Free Trade Zone Comes Into Effect
The South Asia Free Trade Agreement, or SAFTA, came into effect Sunday, paving the way for free trade of goods among the member nations.
India's Commerce Minister Kamal Nath said implementation of the accord will benefit the entire region - a home to 1.5 billion people.
Under the agreement, the more developed member countries - India, Pakistan and Sri Lanka - will reduce their customs duties to between zero and five percent by the year 2013.
Less developed Bangladesh, Bhutan, the Maldives and Nepal have until 2018 to do the same.
Leaders of the South Asian
S. Asia free trade agreement comes into force
The South Asian Association for Regional Cooperation (SAARC) Wednesday announced the formal enforcement of the South Asian Free Trade Area (SAFTA) agreement with effect from Jan. 1, 2006, state run Radio Nepal reported Thursday.
The agreement on SAFTA was signed in Islamabad during the 12th SAARC summit in January 2004, and all the member states have since completed all formalities including ratification, the radio quoted a press statement released by SAARC Secretariat as saying.
The entry into force of the agreement thus launched the SAFTA,
South Asia Free Trade Area Launched
The long-awaited South Asian common market was launched on Saturday.
Under the new liberalised regime, intra-regional trade could rise from the current $5-6 billion to $18 billion in five years, experts say.
There has been cross-party support in the Maldives for the South Asia Free Trade Area (SAFTA), which brings together India, Pakistan, Sri Lanka, Bangladesh, Bhutan, Nepal and the Maldives. It is hoped that scrapping tariffs will mean cheaper imports and lower consumer prices.
Mohamed Shihab MP, Shadow Minister for Finance and Planning, told Minivan that the Maldivian economy will garner considerable benefits from involvement. We only
US, Southeast Asia sign trade, liberalisation pact
The United States and 10 Southeast Asian nations signed a trade and investment agreement on Friday that opens the door to possible free-trade talks.
US trade representative Susan Schwab signed the trade and investment framework agreement in Malaysia with the 10 member states of the Association of South East Asian Nations (Asean). The can-do spirit of the members of Asean reflects the can-do spirit we are so proud of in the United States, Schwab told reporters after signing the pact. The Tifa with Asean represents an important step forward in the trade relationship
