Majority of the South Asian Free Trade Area (SAFTA) members agreed to reduce the tariff barrier on import and export of goods between the SAARC member countries.
This is one of the significant outcomes of the SAFTA ministerial council which ended in Thimphu, today.
Sensitive Commodities List
In the earlier SAFTA meeting, India reduced its Sensitive Commodities List (SCL) to almost zero for the least developed countries.
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The latest country to follow the same trend is Pakistan. Pakistan also offered to reduce the SCL to zero for the least developed countries.
Meanwhile, Sri Lanka and Bangladesh are also said to be studying on the possibilities.
The other member countries also agreed to continue working on reducing the non-tariff barriers.
The ministerial council meeting also passed several other endorsements which will be put forward in the up-coming South Asian Association for Regional Cooperation (SAARC) summit in Nepal.
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According to the Economic Affairs Minister Norbu Wangchuk, cutting down on tariff and non-tariff barriers, and reducing SCL can make trade more favourable in the region.
SAFTA
SAFTA is considered as one of the most significant achievements of the SAARC which was launched in 2006.
