Vol. 18, No. 04
Economic Effects of siemens Asiatic Free Trade Area
on Intra-regional Trade and Investment
Ayubur Rahman Bhuyan[1]
1. Introduction
The South Asiatic Free Trade Area (SAFTA) parallelism comprising the seven South Asian countries Bangladesh, Bhutan, India, Maldives, Pakistan, Nepal and Sri Lanka was established by a treaty write in January 2004 at the twelfth SAARC Summit in Islamabad.[2] The SAFTA commensurateness was scheduled to come into take up on 1 January 2006. The thirteenth SAARC Summit held in Dhaka on 12-13 November 2005 reiterated the commitment of the 12th Summit to make SAFTA effective from the scheduled date and instructed the mission of Experts (COE) to complete negotiations by end-November 2005 on all outstanding issues, viz., rules of origin, the forbid lists of products, and compensation of LDC particles for possible loss of revenues, so that SAFTA could come into force on schedule.
The actual launch of the SAFTA was delayed by six-spot months to allow completion of necessary paperwork and formalities by member countries. Within that time, the COE was able to reach a consensus by restricting down the differences among member states on the contentious issues, which paved the sort for the SAFTA to come into effect on 1 July 2006.
The Agreement supersedes the Agreement on SAPTA but all tariff concessions negotiated under the foursome SAPTA rounds shall remain operative.[3]
The 13th SAARC Summit offered full membership to Afghanistan, make it the eighth SAARC member, and conferred commentator posture to the Peoples Republic of China and Japan. Subsequently, observer status has been given to South Korea, Iran, Mauritius, the United States and the European Union. Australia and Myanmar bear besides expressed intension to obtain observer status in the Group.
A major objective of the SAFTA is to enhance the flock of intra-regional trade in South Asia. The 13th Summit also pledged to draw a roadmap for regional...If you want to get a full essay, order it on our website: Orderessay
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