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KATHMANDU: India reduced sensitive products’ list by 20 per cent during the 17th SAARC meeting at Maldives.
Indian Prime Minister Dr. Manmohan Singh announced trade incentives for the member states and said that India has decided to reduce the sensitive list for least developed countries under the South
Asian Free Trade Area Agreement (SAFTA)from 480 to 25 tariff lines.
He also highlighted the efforts for Regional Railway Agreement and Motor Vehicle Agreement and urged other members to conclude these agreements. Zero basic customs duty access would be given for all items from immediate effect, he declared at the SAARC summit. The 17th SAARC summit, emphasised on the need to promote interaction, enhance connectivity and promote people-to-people relations among its member states for the benefit of region.
“20 per cent Sensitive list reduction by the member of SAARC country was made during the SAFTA meeting according to which each of the member country should reduce their sensitive list on the basis,” said under secretary at the
Ministry of Commerce and Supplies, Binod Acharya.
Nepal has already reduce its 259 products from
its previous list of 1,295. Nepal will charge zero tariff –five per cent on the products from its previous list of 1,036 products.
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