Common Contracts
1 similar Preferential Trading Arrangement contracts
Statement IIPreferential Trading Arrangement • January 23rd, 2015
India and its neighbouring countries namely Nepal, Bhutan, Bangladesh, Sri Lanka, Maldives and Pakistan have orgnaised themselves into South Asian Association for Re- gional Cooperation (SAARC) with the intention, inter-alia, to strengthen trade relations among themselves An agreement for Preferential Trading Arrangement (SAPTA) among the SAARC Member States was signed in 1993 It became op- erational with effect from 7.12.95 with the intention to pro- gressively reduce the tariff incidence for intra-regional trade It is proposed to set up a total Free Trade Area in the region preferably by 2000 A.D. but not later than 2005 A.D Reduc- tion/removal of tariff and non-tariff barriers, exchange of in- formation relating to bulk imports by government agencies, improvement in transport and transit infrastructure, exhibi- tion of existing trade potential of the Member countries with a view to encourage the import requirements of Member countries from within the region, simplification of visa f
