Safta Free Trade Agreement

All concessions granted under this agreement cannot be reduced or cancelled by the application of measures that can be restricted by the contracting states, unless the provisions of other articles of this agreement are prohibited. convinced that preferential trade agreements between SAARC Member States will serve as an incentive to strengthen the economic resilience of Member States and ASARC and to develop the economies of States Parties, by expanding investment and production opportunities, trade and foreign exchange earnings, and the development of economic and technological cooperation; The creation of an intergovernmental group (IGG) to develop an agreement to establish a ZATA until 1997 was approved at the sixth ASAC Summit in Colombo in December 1991. Noting that the ASAC Preferential Trade Agreement (SAPTA) agreement, signed in Dhaka on 11 April 1993, provides for the adoption of various trade liberalisation instruments on a preferential basis; In accordance with the trade liberalization programme, States Parties must meet the following timetable for tariff reduction. Non-least developing countries should reduce the current tariff to 20% and reduce current tariffs in smaller developing countries by 30%. But the system of trade liberalization is not applicable to the sensitive list, since this list must be negotiated between the contracting countries and then negotiated. A sensitive list will include a common agreement between the States Parties in favour of the least developed States Parties. The SAFTA Council of Ministers (SMC) will participate to review the sensitive list every four years to reduce the list. The SEA called on the government to fill a gap in the South Asian Regional Free Trade Pact that was used to circumvent tariffs through imports of palm oil and soybeans from Nepal and Bangladesh. The main objective of the agreement is to promote competition in the region and to offer equitable benefits to the countries concerned. It must benefit the citizens of countries by bringing transparency and integrity between nations.

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