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When Was Safta Agreement Signed

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The South Asian Association for Regional Cooperation (SAARC) was founded in 1985. Saarc member states are Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka. Afghanistan became the 8th member by signing a joint declaration at the 14th SAARC Summit held in New Delhi in April 2007. The SAARC Preferential Trade Arrangement (SAPTA) was signed in April 1993 and entered into force in December 1995. SAPTA aimed to promote mutual trade and economic cooperation among member countries through the exchange of concessions. However, Member States recognized the need to move beyond preferential trade regime and towards a higher level of trade and economic cooperation in the region. As a result, the SAARC Council of Ministers signed a framework agreement on the South Asian Free Trade Area (SAFTA) in Islamabad in January 2004. SAFTA entered into force on 1 January 2006. Phase I of the Trade Liberalization Programme (TLP) under FTAAP will be implemented with effect from 1 July 2006 and is expected to be completed by 31 December 2015. The negative lists of Member States under the Trade Liberalisation Programme (Phase I) are as follows: The South Asian Free Trade Area (SAFTA) is an agreement concluded on 6 January 2004 at the 12th SAARC Summit in Islamabad, Pakistan. A free trade area of 1.6 billion people in Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka has been established to reduce tariffs on all traded goods to zero by 2016.

The SAFTA agreement entered into force on 1. January 2006[1], and is in force following the ratification of the Agreement by the seven governments. SAFTA required developing countries in South Asia (India, Pakistan and Sri Lanka) to reduce their tariffs to 20% in the first phase of the two-year period ending in 2007. The sensitive list will require a common understanding among the contracting countries, in favour of the least developed contracting countries. The SAFTA Council of Ministers (SMC) will participate every four years in the review of the sensitive list in order to reduce the size of the list. The establishment of an intergovernmental group to formulate an agreement on the establishment of a SAPTA by 1997 was approved at the sixth SAARC Summit in Colombo in December 1991. The main objective of the agreement is to promote competition in this area and to offer fair advantages to the countries concerned. It aims to help the peoples of countries by creating transparency and integrity among nations.

SAFTA was also created to increase the level of trade and economic cooperation among SAARC countries by reducing tariffs and trade barriers, and to give special preference to least developed countries (LDCs) within SAARC nations.to to provide the framework for further regional cooperation. SaFTA`s objective is to promote and improve joint contracts between countries, such as medium- and long-term contracts. Commercial contracts carried out by States, guarantees for the supply and import of certain products, etc. It includes agreements on tariff concessions such as concessions on domestic tariffs and non-tariff concessions The agreement was signed in 2004 and entered into force on 1 September 2004. January 2006, with the wish of saarc member states (Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka) to promote and maintain mutual trade and economic cooperation within the SAARC region through the exchange of concessions. .

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