SAFTA ministerial council meeting kicks off

The second meeting of the SAFTA Ministerial Council started in Kathmandu Monday, aiming to expand trade among member countries.

Ministers of commerce and industry from the South Asian Association for Regional Cooperation (SAARC) countries, including Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka, was meeting to discuss the institutionalized development for the implementation of the South Asian Free Trade Area (SAFTA) Agreement.

SAFTA was signed on Jan. 6, 2004 during the 12th SAARC Summit in Islamabad, Pakistani capital. The Agreement entered into force on Jan. 1, 2006.

The two-day meeting is expected to review non-tariff barriers, issues related to the tariff regime, and to discuss inclusion of trade in services as the previous policy of only trade in goods, and the development of a multi-model transportation service to facilitate trade in SAARC countries.

The second ministerial council was inaugurated by the Advisor for Finance, Commerce, Posts and Telecommunication to SAFTA chairperson country Bangladesh, AB Mirza MD Azizul Islam.

Source: Xinhua