, the volume of intra-regional trade within South Asia remains limited.
Australian companies are already winning high-value contracts with the Singapore Government, and the SAFTA
upgrade will lock in these opportunities in sectors such as road transport, construction and engineering.
has likewise failed to live up to the expectations.
Operationalization of SAFTA
is a landmark in the history of the SAARC grouping.
The purpose of SAFTA
is to encourage and elevate common contract among the countries such as medium and long term contracts.
This practice has started negatively impacting SAFTA
negotiations, as they are continuously becoming less important for countries that have signed FTAs with India (hub).
He added that the efforts for economic liberalisation in South Asia had started with the signing of SAFTA
in July 2006, "We are hopeful that the trade liberalisation program will be concluded by 2016.
Results based on this research reveal that on SAFTA
, grounds, there will be net export benefits in Pakistan's economy.
, which will become fully operational by 2016, is aimed at reducing existing tariffs to less than 5 percent within the stipulated time frame among the member nations.
The member countries have agreed to launch SAFTA
Agency for International Development (USAID) funded high-level team of researchers who are working with counterparts in the region to produce a SAFTA
study to support the process.
In case SAFTA
is to become a successful story like many other economic cooperation initiatives ground the globe, it is imperative that political issues be resolved between the two major members of the SAARC, earlier the better.