Saarc meeting on free trade ends with reasonable progress
AFP, Islamabad
Commerce officials of the South Asian Association for Regional Cooperation (Saarc) concluded a two-day meeting Wednesday with "reasonable progress" made on a draft free trade agreement, state media reported.The South Asian Free Trade Agreement will allow concessional trade among the member states. "There are still many differences among the member states in the way of evolving consensus on the (South Asian Free Trade Agreement)," the Associated Press of Pakistan said, quoting official sources ahead of a full meeting of the regional grouping. Saarc, which was founded in 1985 and groups Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan and Sri Lanka, will meet for a three-day summit scheduled from January 4 in Islamabad. Anti-dumping measures, quota safeguards, concessions and the draft agreement's time frame remain unresolved issues, the agency said. South Asian leaders have long called for a free trade deal but the proposal has gone nowhere amid constant friction between India and Pakistan, the region's two largest member countries. The nuclear-armed neighbours have moved in recent months to mend ties and Indian Prime Minister Atal Behari Vajpayee has confirmed he will attend the Islamabad summit, which is being held a year behind schedule.
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