By IANS,
Addu Atoll (Maldives) : In a major trade liberalisation move, India Thursday announced the reduction of the ‘sensitive list’ for least developed countries under the South Asian Free Trade Area Agreement (SAFTA) from the existing 480 tariff lines to 25 tariff lines.
Prime Minister Manmohan Singh, in his address at the South Asian Association for Regional Cooperation (SAARC) summit here, said India will give zero basic customs duty access to all items removed from the list immediately.
“I am happy to announce that, in a major trade liberalisation effort, the government of India has issued a notification to reduce the sensitive list for the Least Developed Countries under the South Asian Free Trade Area Agreement from 480 tariff lines to 25 tariff lines,” he said in his address, amidst roaring applause from the region’s delegates.
“Zero basic customs duty access will be given for all items removed with immediate effect,” he added.