South Asia Pacific Trade agreement ( SAPTA) was signed in 1995 which later introduce as comprehensive Free Trade agreement ( SAFTA). In India , SAPTA Certificate of Origin is issued by Federation of India export organisation (FIEO) and export inspection council. You can make online application with FIEO and EIC.
SAFTA required the developing countries in South Asia (India, Pakistan and Sri Lanka) to bring their duties down to 20 percent in the first phase of the two-year period ending in 2007. In the final five-year phase ending in 2012, the 20 percent duty was reduced to zero in a series of annual cuts.
Among its aims are: promoting and enhancing mutual trade and economic cooperation by eliminating barriers in trade, promoting conditions of fair competition in the free trade area, ensuring equitable benefits to all and establishing a framework for further regional cooperation to expand the mutual benefits of the
SAFTA refers to the “Agreement on South Asian Free Trade Area (SAFTA)”. The seven foreign ministers of the region signed a framework agreement on SAFTA to reduce customs duties of all traded goods to zero by the year 2016. This agreement came into force in 2006 and is currently NOT fully operational.
A free trade agreement is a pact between two or more nations to reduce barriers to imports and exports among them. Under a free trade policy, goods and services can be bought and sold across international borders with little or no government tariffs, quotas, subsidies, or prohibitions to inhibit their exchange.
1. NAFTA SAFTA. 2. The South Asian Free Trade Area (SAFTA) is an agreement reached on 6 January 2004 at the 12th SAARC summit in Islamabad, Pakistan. It created a free trade area of 1.6 billion people.
SAARC provides a platform for the peoples of South Asia to work together in a spirit of friendship, trust and understanding. It aims to promote the welfare of the peoples of South Asia and to improve their quality of life through accelerated economic growth, social progress and cultural development in the region.
The 20th SAARC summit is the 20th meeting of the heads of state or heads of government of the eight SAARC countries.
| 20th SAARC summit |
|---|
| Participants | Afghanistan Bangladesh Bhutan India Maldives Nepal Pakistan Sri Lanka |
| Follows | 19th SAARC summit |
| Precedes | 21st SAARC summit |
| Website | SAARC |
Deeper Integration for Peace and Prosperity
Shailendra Kumar Maharjan
South Asian Preferential Trade Arrangement (SAPTA) The goal is to increase trade between Asian countries and to assist less economically advantaged members through preferential treatment.
SAARC has always tried to quicken the economic growth, social development, and other development among its member countries. Therefore, SAARC has an important role in developing cooperation among its member countries and promoting the welfare and improving the quality of life of the people of South Asia.
