Recently, the Directorate of Revenue Intelligence has dismantled a major network involved in importing South-East Asian areca nuts into India by falsely declaring them as Bangladeshi origin and availing concessional duty benefits under the South Asian Free Trade Area (SAFTA).
About SAFTA:
It is the free trade arrangement of the South Asian Association for Regional Cooperation (SAARC).
Background: The agreement came into force in 2006, succeeding the 1993 SAARC Preferential Trading Arrangement.
SAFTA signatory countries: Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka.
SAFTA recognizes the need for special and differential treatment for LDCs in its preamble.
Objective: The Objectives of this Agreement are to promote and enhance mutual trade and economic cooperation among Contracting States by, inter-alia:
Eliminating barriers to trade in, and facilitating the cross-border movement of goods between the territories of the Contracting States;
Promoting conditions of fair competition in the free trade area, and ensuring equitable benefits to all Contracting States, taking into account their respective levels and pattern of economic development;
Creating effective mechanism for the implementation and application of this Agreement, for its joint administration and for the resolution of disputes.
Establishing a framework for further regional cooperation to expand and enhance the mutual benefits of this Agreement.
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