Which order is chronologically correct :
- ISLFTA (India-Sri Lanka Free Trade Agreement)
- SAFTA (South Asian Free Trade Area)
- CECA (Comprehensive Economic Cooperation Agreement between India and Singapore)
- SAPTA (South Asian Preferential Trade Arrangement)
Which one of the following is the correct chronological order of the above agreements?
South Asian Preferential Trade Arrangement (SAPTA) is an agreement on South Asian Association for Regional Cooperation (SAARC) Preferential trading Arrangement, which signed on 11 April 1993 and come into force on 7 December 1995 with the member of SAARC (India, Pakistan, Nepal, Sri-Lanka, Bangladesh, Bangladesh, Bhutan, and the Maldives). The basic principles underlying SAPTA are:
- Overall reciprocity and mutuality of advantages so as to benefit equitable all Contracting States, taking into account their respective level of economic and industrial development, the pattern of their external trade, and trade and tariff policies and systems;
- negotiation of tariff reform step by step, improved and extended in successive stages through periodic reviews;
- recognition of the special needs of the Least Developed Contracting States and agreement on concrete preferential measures in their favour;
- inclusion of all products, manufactures and commodities in their raw, semi-processed and processed forms.
India – Sri Lanka Free Trade Agreement (ISFTA) is a bilateral free trade between Sri Lanka and India, which had been signed on 28 December 1998 and Come into force from March 2000.
South Asian Free Trade Aria (SAFTA) is a trade agreement between all the member of Countries (India, Pakistan, Sri Lanka, Bangladesh, Bhutan, Nepal and Maldives) all seven foreign minister of the region signed a framework agreement on SAFTA to reduce customs duties of all traded goods to zero by the year 2016. The South Asian Free Trade Area (SAFTA) is an agreement reached on 6 January 2004 at 12th SAARC summit in Islamabad, Pakistan.
Comprehensive Economic Cooperation Agreement Between India and Singapore (CECA) agreement were launched on 27 May 2003 in New Delhi.