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Indian Prime Minister Speaking At SAARC Summit In The Maldives
By KTM Metro Reporter
November 11, 2011: speaking at the SAARC held at the Maldives, Indian Prime Minister Man Mohan Singh has declared that India reduces the number of items on its ‘sensitive list’ from 480 to 25 for the least developed countries such as Bangladesh, Bhutan and Nepal. Items included on the ‘sensitive list’ are subjected various tariff.
"I am happy to announce that in a major trade liberalization effort, the government of India has issued a notification to reduce the sensitive list for the least developed countries under the South Asian Free Trade Area Agreement (SAFTA) from 480 tariff lines to 25 tariff lines; Zero basic customs duty access will be given for all items removed with immediate effect," Gulfnews.com quotes Indian Prime Minister Man Mohan Singh in his address at the South Asian Association for Regional Cooperation (SAARC) summit.
Following the SAFTA agreement, member countries retain a ‘sensitive list' with the items that are subject to tariff. Now, goods of least developed countries such as Bangladesh, Bhutan and Nepal can have access to Indian markets with no tariff.
Following the SAFTA agreement, non-LDCs such as India, Pakistan and Sri Lanka, are required to reduce their tariff to five per cent by 2013, while LDCs such as Bangladesh, Bhutan and Nepal are required to reduce tariff to this level by 2016.
