SAARC nations to meet in July to discuss slump

March 14th, 2009 - 7:39 pm ICT by ANI  

New Delhi, Mar. 14 (ANI): To deal with a slump in exports, the eight South Asian nations, including India, Pakistan and Sri Lanka, will meet in July to finalize the modalities of trimming the list of sensitive items to step up regional trade.

Officials of the SAARC countries will meet in July and would deliberate on the modalities of decreasing the sensitive list, a senior commerce Ministry official said.

The sensitive list include those products which are not freely tradable and does not attract any tariff benefit, he said, while adding that the venue for the meeting is yet to be finalized.

Efforts would be made to reach a consensus to prepare a common sensitive list, he said.

In February, commerce secretaries of the South Asian Association for Regional Cooperation (SAARC) nations had resolved to cut the list by 25 per cent in next one year.

After the February meeting, Commerce Secretary G K Pillai had said that sensitive list would be reduced by about 25 per cent, within another year to ensure an increased trade.

India’’s trade within South Asia was 11.72 billion dollars in 2007-08. It was 5.91 billion dollars in the first six months of the current fiscal. (ANI)

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