South Asia Free Trade Agreement
The ministry of commerce on Friday said that India has violated article 7 of SAFTA (Trade Liberalization Programme), therefore, Pakistan has formally suspended imports and exports with India in last year.
SAPTA and SAFTA never took off is because all these countries were never able to focus on trade, keeping politics aside.
Delegation of FICCI Textiles Committee met Smriti Zubin Irani, Minister for Textiles and Women and Child Development recently and impressed upon her to launch a special mission for synthetic fibre and textiles value chain to make Indian industry competitive in the global trade which is predominantly done in the man-made fibre (MMF)-based items.
Local steel manufacturers have demanded protection of locally made several types of finished steel products from uneven competition with low-cost commercial imports under SAFTA benefit.
India and Bangladesh have proposed early conclusion of a Compressive Economic Cooperation Agreement to boost bilateral trade and investment and set an example for giving a fillip to regional trade in South Asia.
Eight finance ministers from South Asia pushed for the fast-track formation of the South Asian Economic Union (SAEU) to ensure larger investment inflows, higher trade volumes and energy generation.
The commerce ministers will discuss on enhancing intra-SAARC trade flows under SAFTA and vision for further trade liberalisation by reducing non-tariff and para-tariff barriers.
Business leaders have called on the Indian government to conduct a thorough review of the country’s trade agreements as experts predict this year’s exports will slump to 2010 levels.
Softening its earlier stand, India has decided to conclude a low-ambition free trade agreement with the seven-nation grouping Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation, or Bimstec.
Dhaka has decided to protest the New Delhi’s action relating to allegation of dumping jute goods and hydrogen peroxide (H2O2) by Bangladesh, officials have said.
Commerce and industry minister Nirmala Sitharaman made a strong pitch for greater integration of the South Asian region, even as she underscored the need for speedy implementation of the South Asian Free Trade Agreement (Safta) agreement.
Experts have termed India’s unofficial trade blockade on Nepal as a breach of international conventions and multilateral agreements that both Nepal and India have signed.
Increasing regional integration through enhanced role of private sector and cooperation in areas like trade, energy security and connectivity will help South Asian nations boost economic growth, says a report.
Pakistan and Sri Lanka are important partners not only in promoting bilateral trade and economic interactions but also enhancing regional economic integration through SAARC and SAFTA.
The Indian textile industry as well as the policy makers are too focused on export incentive scheme for export promotion
Diplomacy in South Asia is given over to give-no-quarter bureaucrats, who cleave to a nationalism that continues to trump economics.
Despite the adverse impact on local industries, the Government has allowed tariff-free imports on ten categories of Indian goods, which had hitherto remained in the negative list under the Indo-Sri Lanka Free Trade Agreement, Daily Mirror learns.
No assurance was given by the Pakistan government on Tuesday for granting India the Most Favoured Nation trade status, almost a year after it missed the deadline to do so in order to normalise bilateral trading relations.
With the implementation of the South Asian Free Trade Agreement (Safta) remaining in limbo, Nepal has been negotiating with a number of South Asian countries to sign bilateral Free Trade Agreements.
Unless there is enough political will to close potential loopholes disguised as “flexibility” and pursue reforms deeper than those ever before attempted, RCEP may be seen as serving the geopolitical interests of a few players, to little economic effect.