The Committee shall determine its own rules of procedures. During the first and the second rounds, trade negotiations were conducted on a product by product basis. In the final five-year phase ending , the 20 percent duty will be reduced to zero in a series of annual cuts. The purpose of SAFTA is to encourage and elevate common contract among the countries such as medium and long term contracts. The agreement also provides for negotiation of tariff concessions to be an ongoing process. Article VI Additional Measures Contracting States agree to consider, in addition to the measures set out in Article 4, the adoption of trade facilitation and other measures to support and complement SAPTA to mutual benefit. According to the Trade Liberalisation Programme Contracting countries must follow the following tariff reduction schedule.
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Contracts involving trade operated by states, supply and import assurance in sapga of specific products etc. Objective The objective of the SAPTA is to promote and sustain mutual trade and the economic co-operation among the member states through exchange of trade concessions. Duty-free access, exclusive tariff preferences or deeper tariff preferences for the export products, The removal of nontariff barriers, The removal, where appropriate, of paratariff barriers, The saptaa of longterm contracts with a view to assisting Sapga Developed Contracting States to achieve reasonable levels of sustainable exports of their products, Special consideration of exports from Least Developed Contracting States in the application of safeguard measures, Greater flexibility in the introduction and continuance of quantitative or other restrictions provisionally and without discrimination in critical circumstances by the Least Developed Contracting States on imports from other Contracting States.
Sensitive list will involve common agreement among the contracting countries favouring the least developed contracting countries.
South Asian Free Trade Area
Should no agreement be reached between the Contracting States concerned within six months of the receipt of notification sa;ta should the notifying Contracting State proceed with zapta modification or withdrawal of such concessions, the affected Contracting States as determined by the Committee may withdraw or modify equivalent concessions in their appropriate schedules.
Retrieved 22 March Article XVIII Withholding or Withdrawal of Concessions A Contracting State shall at any time be free to withhold or to withdraw in whole or in part any item in its schedule of concessions in respect of which it determines that it was initially negotiated with a State which has ceased to be a Contracting State in this Agreement.
All amendments shall become effective upon acceptance by all Contracting States. The Committee may, at the request of a Contracting Stateconsult with any Contracting State in respect of any matter for which it has not been possible to find a satisfactory solution through such consultation under paragraph 1 above.
Import charges corresponding to specific services rendered are not considered as para-tariff measures.
South Asian Preferential Trade Arrangement (SAPTA)
Any of the concessions agreed upon under this Agreement shall not be diminished or nullified, by the application of any measures restricting trade by the Contracting States except under the provisions as spelt out in other Articles of this Agreement. During the first and the second rounds, trade negotiations were conducted on a product by product basis. Retrieved from ” https: Nepal has reduced its list by from its previous list of Unsourced material may be challenged and removed.
Article I Definitions For the purpose of this Agreement: It involves agreement on tariff concession like national duties concession and non-tariff concession. Such withdrawal shall be effective six months from the day on which written notice thereof is received by the SAARC Secretariat, the depositary saptta this Agreement.
SAARC Preferential Trading Arrangement (SAPTA)
The Saptx shall also sappta adequate opportunities for consultation on representations made by any Contracting State with respect to any matter affecting the implementation of the Agreement. This article needs additional citations for verification. Following the withdrawal by any Contracting Statethe Committee shall meet within 30 days to consider action subsequent to withdrawal.
The Contracting States shall enter into negotiations from time to time with a view to further expanding SAPTA and the fuller attainment of its aims. Bangladesh has 1, products on the sensitive list for the Least Developing countries and 1, for the non-Least developing countries under the SAFTA. If any product, which is a subject of a concession with respect to a preference under this Agreement, is imported into the territory of a Contracting Swpta in such a manner or in such quantities as to cause or threaten to cause, serious injury in the importing Contracting State, the importing Contracting State concerned may, with prior consultations, except in critical circumstances, suspend provisionally without discrimination, the concession accorded under the Agreement.
The main objective of the agreement is to promote competition in the area and to provide equitable benefits to the countries involved. National Schedules of Concessions The process of negotiation on the schedule of concession, which forms an integral part of the Agreement, commenced in The Committee shall determine its own rules of procedures.
A Committee of Participants hereinafter referred to as the Committee, consisting of representatives of Contracting States, is hereby established. SAPTA therefore is the first step towards higher levels of trade and economic co-operation in the region.
South Asian Free Trade Area – Wikipedia
SAPTA therefore is the first step towards higher levels of trade and economic co-operation in the region. SAPTA specified four negotiating approaches namely, product by product basis, across the board tariff reduction, sectoral basis and direct trade measures.
The IGG met on six occasions in various capitals. The agreement also provides for negotiation of tariff concessions to be an ongoing process. Article XVII Modification and Withdrawal of Concessions Any Contracting State may, after a period of three years from the day the concession was extended, notify the Committee of its intention to modify or withdraw any concession included in its appropriate schedule.
Products ” means all products including manufactures and commodities in their raw, semi-processed and processed aapta. The process of negotiation on the schedule of concession, which forms an integral part of the Agreement, commenced in Article XX Settlement of Disputes Any dispute that may arise among the Contracting States regarding the interpretation and application of the provisions of this Agreement or any instrument adopted within its framework shall be amicably settled by agreement between the parties concerned.