The Sri Lankan government has ratified the South Asian Free Trade Area (SAFTA) agreement, Minister of Information and Media Anura Yapa said in Colombo Thursday.

Yapa said the cabinet has approved SAFTA, which is envisaged to pave way for free trade of goods among the seven members of the South Asian Association for Regional Co-operation (SAARC).

Under the agreement, India, Pakistan and Sri Lanka will bring down their customs duties to 0 to 5 percent by the year 2013.

Bangladesh, Maldives, Nepal and Bhutan are expected to do so by 2018.

Yapa added that some of the provisions may require ratification in the Sri Lankan parliament but "other things can be just gazetted."

Sri Lankan officials said the Indian government ratified the agreement on Dec. 31, 2005, and the agreement legally came into effect on Jan. 1, 2006.

Source: Xinhua