Agreement on South Asian Free Trade Area (SAFTA)

SAFTA is a regional co-operation agreement signed between the member countries of SAARC (Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, Sri Lanka), with the commitment to strengthen intra-SAARC economic cooperation among its Member States. The Agreement was signed on 6 January 2004 during the Twelfth SAARC Summit in Islamabad and entered into force on 1st January 2006. The agreement outlines a 10 year schedule for trade liberalization, which aims at reducing and eliminating customs duties on cross-border trade.