Safta sensitive list: India approves 30% reduction

ISLAMABAD: The Government of India approved the reduction a 30% (264 tariff lines) in the South Asian Free Trade Area (SAFTA) Sensitive list for Non Least Developed Countries (NLDCs) allowing peak tariff rates to reduce to 5% within three years, as per the agreed SAFTA process of tariff liberalisation.

According to a press release, this shall reduce India’s Sensitive list for Pakistan from 878 to 614 tariff lines. The statement issued by the Indian High Commission read: “With this decision India has effectively performed its lead role in harmonising the SAFTA framework and ensuring a move towards a vibrant economic community and ... normalisation of trade relations with Pakistan.”

The statement added that India has removed the restrictions on investments from Pakistan, agreed upon a liberalised visa regime and opened a state of the art Integrated Check Post (ICP) to encourage two-way trade.

Published in The Express Tribune, August 25^th, 2012.