abhishreshthaa
New member
OBJECTIVES OF SAPTA:
To gradually liberalize the trade among member countries of SAARC.
To eliminate trade barriers among SAARC countries and reduce or
eliminate tariffs.
To promote and sustain mutual trade and economic cooperation among member countries.
ADMINISTRARION OF SAPTA:
SAPTA agreements are administered on the following lines.
The benefits to the members countries are accorded on equitable basis of reciprocity and mutuality .
The agreement would be improved step by step to mutual negotiations
The agreement takes the special needs of less developed countries into consideration.
Following the ratification of SAPTA by all member states, the 16th session of the council of the ministers (New Delhi , December 1995) agreed that member states should strive for the realization of a South Asian Free Trade Area ( SAFTA).
An Inter Governmental Expert Group (IGEG) on transition to SAFTA comprising experts from the member countries was set up as an ad-hoc body by the CEC to identify the necessary steps towards moving into a free trade area.
The IGEG had met twice and held in depth discussions and agreed on the draft terms of references for the group and had also drawn up a broad frame work of action plans for achieving SAFTA.
In order to give impetus to intra-SAARC trade under the SAPTA agreement and to promote economic cooperation in the region, the commerce ministers of SAARC countries met in New Delhi in Jan 1996. It was since been decided that the commerce ministers shall meet annually and second meeting was held in Islamabad in April 1998.
To gradually liberalize the trade among member countries of SAARC.
To eliminate trade barriers among SAARC countries and reduce or
eliminate tariffs.
To promote and sustain mutual trade and economic cooperation among member countries.
ADMINISTRARION OF SAPTA:
SAPTA agreements are administered on the following lines.
The benefits to the members countries are accorded on equitable basis of reciprocity and mutuality .
The agreement would be improved step by step to mutual negotiations
The agreement takes the special needs of less developed countries into consideration.
Following the ratification of SAPTA by all member states, the 16th session of the council of the ministers (New Delhi , December 1995) agreed that member states should strive for the realization of a South Asian Free Trade Area ( SAFTA).
An Inter Governmental Expert Group (IGEG) on transition to SAFTA comprising experts from the member countries was set up as an ad-hoc body by the CEC to identify the necessary steps towards moving into a free trade area.
The IGEG had met twice and held in depth discussions and agreed on the draft terms of references for the group and had also drawn up a broad frame work of action plans for achieving SAFTA.
In order to give impetus to intra-SAARC trade under the SAPTA agreement and to promote economic cooperation in the region, the commerce ministers of SAARC countries met in New Delhi in Jan 1996. It was since been decided that the commerce ministers shall meet annually and second meeting was held in Islamabad in April 1998.