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SAFTA
What is Safta? It is an abbreviation for the South Asian Free Trade Area. It is a proposed FTA between the seven members of the Saarc group. These include Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka. What is its ultimate goal? It will replace the earlier South Asia Preferential Trade Agreement (Sapta), which was limited in its scope. The ultimate aim of Safta will be to put in place a full-fledged South Asia Economic Union on the lines of the EU. Safta is scheduled for launch in January 2006 and will lead to reduction of tariffs for intra-regional trade among Saarc countries. What falls within the ambit of Safta?The agreement incorporates trade in goods. Services and investment are not part of the agreement. What are the objectives guiding Safta? Among its aims are: promoting and enhancing mutual trade and economic cooperation by eliminating barriers in trade, promoting conditions of fair competition in the free trade area, ensuring equitable benefits to all and establishing a framework for further regional cooperation to expand the mutual benefits of the agreement. What other benefits can Safta bring to member-countries? It could lead to enhancement of foreign investment among Saarc nations. The visible spurt in foreign investment within Asean cou-ntries and the increase in investments by India in Sri Lanka and vice versa following the India-Sri Lanka FTA bear testimony to the potential of such agreements in boosting investments. The agreement can be structured to ensure that such investments don't harm the domestic industries of member-nations. RTAs, like the proposed Safta, can also catalyse beneficial industrial restructuring in member-countries through cross-border corporate marriages and acquisitions.
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What is difference between safta and sapta?
safta- south Asia free trade agreement sapta- south Asia preferential trade agreement
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