safta

Govt to shrink sensitive list to make SAFTA work, improve Pak ties
To improve relations with Pakistan, India is likely to cut the peak tariff rate to 5 % within three years. The Union
Cabinet might allow a diminution in the sensitive list by 30% for Non-Least Developed Countries (NLDCs), under the
Safta trade liberalisation programme.
Categorization of nations under South Asian Free Trade Area (SAFTA):
Current Affairs Published on www.gktoday.in from January 1, 2012 to
September 10, 2012
SAFTA has a total of 8 nations
India, Pakistan and Sri Lanka: Non-Least Developed Countries (NLDCs).
Afghanistan, Bhutan, Bangladesh, Maldives and Nepal: Least Developed Countries (LDCs).
Currently Pakistan keeps 1,209 tariff lines, which it should cut to assist India reap the gains of the Most Favoured
Nation status given to its neighbor.
The commerce ministry also proposed the expansion of the list of tradable commodities b/w India and Pakistan
through the Attari border to boost bilateral trade ties.
India imports items worth $171 million from Pakistan and exports goods worth $604 million.