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Agreement on SAARC Preferential Trading Arrangement (SAPTA)
Preamble
The Government of the People's Republic of Bangladesh, the Kingdom of
Bhutan, the Republic of India, the Republic of Maldives, the Kingdom of
Nepal, the Islamic Republic of Pakistan and the Democratic Socialist Republic
of Sri Lanka hereinafter referred to as "Contracting States".
Motivated by the commitment to promote regional cooperation for the benefit
of their peoples, in a spirit of mutual accommodation, with full respect
for the principles of sovereign equality, independence and territorial
integrity of all States;
Aware that the expansion of trade could act as a powerful stimulus to
the development of their national economies, by expanding investment and
production, thus providing greater opportunities of employment and help
securing higher living standards for their population;
Convinced of the need to establish and promote regional preferential trading
arrangement for strengthening intra-regional economic cooperation and
the development of national economies;
Bearing in mind the urgent need to promote the intra-regional trade which
presently constitutes a negligible share in the total volume of the South
Asian trade;
Recalling the direction given at the Fourth SAARC Summit meeting held
in Islamabad in December 1988 that specific areas be identified where
economic cooperation might be feasible immediately;
Guided by the declared commitment of the Heads of State or Government
of the Member Countries at the Sixth SAARC Summit held in Colombo in December
1991 to the liberalisation of trade in the region through a step by step
approach in such a manner that countries in the region share the benefits
of trade expansion equitably;
Cognizant of the mandate given by the Sixth SAARC Summit in Colombo to
formulate and seek agreement on an institutional framework under which
specific measures for trade liberalisation among SAARC Member States could
be furthered and to examine the Sri Lankan proposal to establish the SAARC
Preferential Trading Arrangement (SAPTA) by 1997;
Recognising that a preferential trading arrangement is the first step
towards higher levels of trade and economic cooperation in the region.
Have agreed as follows:
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