Business environment
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This is student focused slide on South Asian Free Trade Area. It may be useful for those who wants to know about SAFTA in short and concise way.
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Business environment
- 1. BUSINESS ENVIROMENT Presented by: Dayanidhi Timalsina
- 2. Table of contents Introduction Objectives Principles Instrument Implication to the Nepalese Business Environment Conclusion
- 3. Introduction The South Asian Free Trade Area ( SAFTA) is a pact signed in 6 January 2004. Member countries of SAFTA are Bangladesh, Maldives, Bhutan, Pakistan, Afghanistan, Nepal, India and Srilanka. After the establishment of SAARC in 1985 and SAPTA in 1995, the member countries recognized the need to progress beyond a preferential trading arrangement and move towards a higher level of trade and economic cooperation in the region. As a result, the SAARC Council of Ministers signed a framework Agreement on South Asian Free Trade Area (SAFTA) in January 2004 in Islamabad and came into practice on 1st Jan. 2006.
- 4. Objectives Promoting and enhancing mutual trade and economic corporation by eliminating barriers in the trade. Promoting condition of fair trade competition in the free trade area. Ensuring equitable benefits to all. Establishing a framework for further regional corporation to expand the mutual benefits of the agreement. Creating effective mechanism for the implementation and application of this agreement, for its joint administration and for the resolution of disputes..
- 5. Principles Governed by the provision of this agreement Existing rights and obligations Overall reciprocity Free movement of goods Adoption of Trade Facilitation and Other Measures Recognization of the need of LDCs
- 6. Instruments Trade liberalization policy Rules of origin Institutional arrangements Consultation and dispute settlement procedures Safeguard measures, etc.
- 7. Implication to the Nepalese business environment SAFTA bring significant gains for the small economies of the region. It will attract foreign capital. It will be a step towards better political relationship and peace. Part of the informal trade will be diverted to official channels and bring revenue and other benefits. Contribute to geographic export diversification Liberalize system may help to increase investment and productivity.
- 8. Conclusion SAFTA is governed by the provision of this agreement and also by rules, regulations, decisions, understanding and protocols to be agreed upon within its framework by the contracting stated. The implementation of SAFTA provides an institutional framework for the liberalization of the mutual trade in the foreign.