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InterviewSolution
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What is SAFTA? |
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Answer» Its full name is South Asian Free Trade Area. It was formed in 1995, in the meeting of SAARC foreign ministers conference. In 1998 in 10th SAARC summit, it was decided to make an expert committee whose work was to formulate the background of ‘SAFTA’. And as much, in 2004, in 12th summit in Islamabad, the SAFTA agreement was signed and this agreement was implemented in January 2006. Under this agreement, it was expected from SAARC’s member nations that they will reduce their trade tariffs by 20%, but it could not be implemented due to Pakistan’s policies. The total trade among the SAARC countries is only 1% of GDP of these countries, while it is upto 10% among ASEAN countries. |
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