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India urges SAFTA members to liberalise trade

India has urged other members of the South Asian Free Trade Area (SAFTA) to liberalise their trade and investment policies, reports SME Times.

Jyotiraditya Scindia, Minister of State for Commerce and Industry, stated that India has been requesting SAFTA members for the same.

India, Afghanistan, Bangladesh, Bhutan, Maldives, Nepal, Pakistan and Sri Lanka signed the SAFTA in January 2004, aiming to steadily remove tariffs and trade barriers on goods and services traded between the member countries.

Scindia stated that India now has only 25 items in its Sensitive List for Least Developed Countries (LDCs), as opposed to the 480 items it had earlier. Moreover, it levies zero basic customs duty on all the items removed from the list.

Source: SME Times