ISDS Case Map
SAFTA
The government today asked the country's business houses to shift focus to the SAARC region and exploit the opportunities there, especially when the US and the European economies are slowing down.
If to some people, the words ‘cricket' and ‘conflict' come to mind when thinking of India and Pakistan, we need to update the language to embrace another two ‘Cs' -connections and commerce.
The South Asian Free Trade Agreement (SAFTA) signed by the members of the SAARC and implemented in July 2006, has since been a matter of concern for the countries involved, regarding how effective it is in increasing the economic wellbeing of the region in general. When it was initially signed, the goals included forming a common currency for the region and forming a Customs Union (CU) which would eventually lead to Total Economic Integration.
A new study on a south Asian regional trade deal has said Sri Lanka will gain more in the next phase of liberalisation but the island's private sector representatives have expressed scepticism about the outcome.
Agriculture Minister Sharad Pawar on Wednesday urged the SAARC countries to strengthen the regional trade and pointed out that the region does not correspond to the so-called natural trading partner hypothesis and "SAFTA's economic relevance is being questioned".
India on Monday exuded confidence that the new government in Islamabad will take immediate steps to implement the South Asian Free Trade Agreement with New Delhi and take necessary measures, including duty changes, to facilitate trade.
In a bid to accelerate the South Asian Free Trade Agreement (Safta), India will let 244 additional items to be freely traded with least developed countries in the region.
"There is no compelling case for an FTA with India" warns Dr Hamid Rashid, director general of the Bangladesh ministry of foreign affairs
As Afghanistan is likely to be inducted as the eight member of the South Asian Free Trade Area (Safta) by February 2008, minister of state for commerce Jairam Ramesh today said India will bring down duties on 4,356 tariff lines (products) to zero for facilitating trade with Afghanistan.
Bangladesh signed a deal with India to export 8 million pieces of readymade garments to the neighboring country with zero tariffs under the South Asia Free Trade Agreement.
