South Asia Free Trade Agreement
South Asian nations want to ease tariffs gradually with the aim of establishing a free trade zone in about a decade, experts at a trade meeting said on Tuesday.
The commerce minister of Pakistan will make a three-day visit to Dhaka from April 19 to attend the Safta Ministerial Council (SMC) meeting and initiate talks on signing a Free Trade Agreement (FTA) with Bangladesh.
Pakistan has decided not to give most favoured nation (MFN) status to India, even under the recently ratified South Asia free trade agreement (Safta), and has indicated that it will continue to trade with the country on the basis of a positive list.
Pakistan remains unsure of India’s role in the South Asian Free Trade Agreement as bilateral economic cooperation talks begin Monday.
India is for a South Asia Free Trade Area (SAFTA) "plus’’ a separate free trade arrangement with Bangladesh that would address the existing trade imbalance between the two countries, Commerce Minister Kamal Nath said on Wednesday.
India is pushing ahead on negotiations for free trade agreements with a series of Asian and Middle East countries that are expected to result in the emergence of the world’s largest free trade area by population.
The member countries of the BIMSTEC and South Asian Free Trade Area may not be able to meet the July 1 deadline for implementation of the pact mainly due to different degrees of opposition from Thailand, India and Sri Lanka.
The chairman of the All Pakistan Textile Mills Association (APTMA), Punjab zone, Shafqat Elahi, has welcomed the ratification of SAFTA by the cabinet.
The finance ministry has asked the commerce ministry to cover raw materials and intermediates in the free trade agreements (FTAs) being signed.
The first meeting of the South Asia Free Trade Area (SAFTA) Council of Ministers (SMC) will review and finalize the SAFTA implementation arrangements on March 20 at Dhaka.
Pakistan has ratified the much-trumpeted South Asia Free Trade Agreement (Safta), but trade between India and Pakistan will not be initiated under this agreement, instead it will continue under the existing import regime.
All trade agreements may fumble in delivering results if they take effect prior to completion of all modalities and arrangements, which are to govern and ease trade between the signatory countries. But both the South Asian Preferential Trade Agreement (SAPTA) and its successor agreement on free trade — South Asian Free Trade Agreement (SAFTA) — were signed before completing these essential formalities
The Pakistani cabinet approved a regional pact on Wednesday to promote free trade and economic ties in South Asia, home to nearly one-fifth of the world’s population.
THE SOUTH Asian Free Trade Agreement (SAFTA) has come into force with effect from January 1. The South Asian Association for Regional Cooperation (SAARC) which consists of seven countries, namely, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka, is expected to start implementing SAFTA from June - July this year.
Pakistan is likely to stay away from the South Asian Free Trade Area (Safta) to avoid its political fallout on the country’s principled stand on Jammu and Kashmir dispute.
Will the seven countries of the South Asian Association for Regional Cooperation (SAARC) be able to sink some of their deep differences over political issues to enhance trade relations?
South Asian Free Trade Area (SAFTA), paving way for free trade of goods among countries of the region, came into being on Sunday but Pakistan was yet to complete the formality of ratifying it.
With three days left to meet the deadline, the trade under South Asia Free Trade Agreement (Safta) among the Saarc counties from January 1, next year is in doldrums as Sri Lanka says it will ratify Safta draft some time in April next year.
India and Pakistan will be able to trade directly without the help of third-country destinations once the South Asian Free Trade Agreement (SAFTA) comes into force from January 1.
Both government and private sector are showing lackluster preparation for implementing the South Asian Free Trade Agreement (SAFTA), even as the date is approaching for the formal enforcement of the agreement in Nepal.