Consider the following statements on SAFTA:
- SAFTA is a trade liberalisation programme among the South-Eastern countries of Asia.
- According to SAFTA, the Ministerial Council shall meet at least once every year or more often as and when considered necessary by the Contracting States.
Select the correct answer using the code given below:
- 1 only
- 2 only
- Both 1 and 2
- Neither 1 nor 2
The South Asian Free Trade Area (SAFTA) is an agreement reached on 6 January 2004 at the 12th SAARC summit in Islamabad,Pakistan.
It created a free trade area of 1.6 billion in Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka (as of 2011, the combined population is 1.8 billion people).
The seven foreign ministers of the region signed a framework agreement on SAFTA to reduce customs duties of all traded goods to zero by the year 2016. It is decided that the Ministerial Council shall meet at least once every year or even more.
The correct option is B.