ISSN: (Online) 2321 -4155
ISSN: (Print) 2320 -7000

JOURNAL OF INDIAN RESEARCH
VOLUME : 2, ISSUE : 1, January-March, 2014 (ISSN No. : 2321-4155)
 
INDIA’S TRADE RELATIONSHIP WITH SAFTA COUNTRIES : A REVIEW
Hafiz Wasim Akram, Md. Daoud Ciddikie & Prof. (Dr) M Altaf Khan
 
ABSTRACT
The South Asian Free Trade Area (SAFTA) is an agreement between the members of SAARC nations namely India, Pakistan, Bangladesh, Bhutan, Sri Lanka, Afghanistan, Nepal and Maldives which was reached on 6 January 2004 at the 12th SAARC summit in Islamabad. It created a free trade area of 1.8billion people in the region. 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.However, SAFTA is an initial step in the evolution of the SAARC as a regional trade bloc and an economic union. There is much speculation about its favourable effect on intraregional trade. As the biggest, and the most industrialised trading partner among the SAARC countries, India has to take a lead in making the Regional Economic Cooperation a reality in South Asia. This study highlights India’s trade and trade relationship with SAFTA at large and with each members of the trade bloc in particular. The study also highlights the macroeconomic overview of the region citing several indicators.
 
KEYWORD
Customs Duty, MoU, Regional Economic Cooperation, SAARC, SAFTA, SAPTA, South Asia, Tariff Elimination, Trade, Trade liberalisation.
Copyright@2012.mewaruniversity.in