Senior officials of the South Asian Association for Regional Cooperation (SAARC) have agreed in principle to allow existing bilateral trade and investment mechanism to continue even after the region enters into a free trade area, The Himalayan Times reported on Friday.
A meeting of technical sub-committee of the Investment Promotion Committee under South Asia Free Trade Area (SAFTA) agreement held at SAARC Secretariat in Nepali capital Kathmandu Thursday concluded in an understanding that the regional free trade area would allow the existing bilateral trade and investment relationship to continue.
The understanding will now be forwarded to the commerce secretary level standing committee, which will take the finical decision on the matter, said a senior commerce ministry official, who attended the meeting.
The understanding will allow the members of SAARC to go ahead on SAFTA agreement on bilateral trade and investment.
Founded in 1985, the SAARC groups Bhutan, Bangladesh, India, Maldives, Sri Lanka, Nepal, Pakistan and Afghanistan.
Source: Xinhua
|
Comment
Tell A Friend
Print Format
Save Article