Write a short note on SAFTA.
The aim of SAFTA is to establish a ‘South Asia Free Trade Area’ through mutual co-operation. A free trade area means that trading among the countries of the area free from taxes and custom restrictions. During its establishment, it was hoped that SAFTA will replace SAPTA before the start of the 21st century. The Tenth SAARC Summit decided to set up a committee of experts to conclude a Treaty 2001 on SAFTA. In 12th SAARC Summit held on January 2004 in Islamabad the SAARC nation have signed the treaty. At the 15th SAARC Summit, the SAARC heads of state emphasised their commitment to implement SAFTA in letter and spirit so as to enable the SAARC to contribute to the dynamic process of Asia’s emergence as the powerhouse of the world.
