ISDS Case Map
SAFTA
Indian Foreign Secretary Shivshankar Menon yesterday urged India's smaller neighbours to overcome political issues to become stakeholders in the India-led regional economic growth by dismantling trade and road and water transport barriers.
Pakistan has announced tariff reduction on the import of 6936 items under five bilateral and regional trade agreements.
Business houses in South Asian region are seeking specific timeframe to remove bottlenecks that hinder trade and investment in the SAARC region. It is sad to note that whatever developments take place in the business and political forums; those are not implemented at the operation level.
Bangladesh's business leaders are rather dismayed at India's recent duty-free market access offer, as they have expressed the view that mere duty-free access could not ensure free flow of goods into Indian market unless non-tariff and para-tariff barriers are removed.
Pakistan, which is keen on exporting cement and wheat to India, on Thursday said it is willing to fulfil its SAFTA commitments if the issue of non-tariff barriers are addressed.
The SAARC countries are now striving to set a uniform product standard for the group after years of complaints by the weaker ones among them about non-acceptance of their national certifications of product quality by their stronger counterparts. It has persistently posed as a difficult non-trade barrier that has obstructed bilateral trade.
Pakistan is in violation of the agreement on South Asian Free Trade Area (SAFTA) and the Vienna Convention by discriminating against India in the implementation of the regional accord, aside from risking its credibility as a negotiating partner, Indian High Commissioner Satyabrata Pal told a conference.
Trade experts say countries in the South Asian region can form a major textile and apparel hub - provided they can work together. Right now, mutual mistrust and trade barriers against each other, are stopping SAARC countries from cashing in on a waiting opportunity.
Developments over the past few days have re-confirmed that the developing countries are more eager than developed countries to break the deadlock in multilateral trade. The developing countries have shown ample flexibility, without waiting for a response from the developed world.
The Safta on Wednesday received a big boost with Pakistan agreeing to the views of Saarc leaders that the pact liberalising regional trade be implemented in “letter and spirit”.
