SAARC members agree to reduce sensitive lists by 20pc
Wednesday, 12 October 2011 13:51
ISLAMABAD: The South Asian Association for Regional (SAARC) Cooperation working group for reduction in sensitive list have agreed to reduce their sensitive lists by 20 percent.
A statement issued by the Ministry of Commerce here Wednesday said that reduction of 233 tariff lines which is an obligation for Pakistan under SAFTA will reduce Pakistan's sensitive list from 1169 to 936 tariff lines.
A list of 233 items has been prepared in consultations with stakeholders and in order to ensure a wider consultation all concerned have been asked to give their views, comments by October 19, 2011, it added.
As per Trade Liberalization Programme under SAFTA, the Non Least Developed Countries (LDCs) like Sri Lanka, India and Pakistan would reduce their tariff 0 to 5 percent by 2013 whereas the LDCs would reduce tariff 0 to 5 percent by 2016, it added.
Each MemberState retains a `Sensitive Lists" which is not offered for concessional treatment. Presently, Pakistan has placed 1169 tariff lines in its Sensitive List.
It may be recalled that at the SAARC platform, Working Group for reduction in Sensitive List was created to work out the modalities for reduction in the Sensitive Lists.
Its seven founding members are Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka. Afghanistan joined the organization in 2005.
The SAARC Member States signed South Asian Free Trade Agreement (SAFTA) during the 12th SAARC Summit held at Islamabad on 6th January 2004.
Copyright APP (Associated Press of Pakistan), 2011