what are the criticism of South Asain Free Trade Agreement (SAFTA)
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AGREEMENT
ON
SOUTH ASIAN FREE TRADE AREA (SAFTA)
The Governments of the SAARC (South Asian Association for Regional
Cooperation) Member States comprising the People’s Republic of
Bangladesh, the Kingdom of Bhutan, the Republic of India, the Republic of
Maldives, the Kingdom of Nepal, the Islamic Republic of Pakistan and the
Democratic Socialist Republic of Sri Lanka hereinafter referred to as
“Contracting States”
Motivated by the commitment to strengthen intra-SAARC economic
cooperation to maximise the realization of the region’s potential for trade
and development for the benefit of their people, in a spirit of mutual
accommodation, with full respect for the principles of sovereign equality,
independence and territorial integrity of all States;
Noting that the Agreement on SAARC Preferential Trading Arrangement
(SAPTA) signed in Dhaka on the 11th of April 1993 provides for the adoption
of various instruments of trade liberalization on a preferential basis;
Convinced that preferential trading arrangements among SAARC Member
States will act as a stimulus to the strengthening of national and SAARC
economic resilience, and the development of the national economies of the
Contracting States by expanding investment and production opportunities,
trade, and foreign exchange earnings as well as the development of
economic and technological cooperation;
Aware that a number of regions are entering into such arrangements to
enhance trade through the free movement of goods;
Recognizing that Least Developed Countries in the region need to be
accorded special and differential treatment commensurate with their
development needs; and
Recognizing that it is necessary to progress beyond a Preferential Trading
Arrangement to move towards higher levels of trade and economic
cooperation in the region by removing barriers to cross-border flow of goods.