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SAFTA: Cabinet nod for deleting 264 items from sensitive list

New Delhi, Aug. 8

India has decided to delete 264 items from the existing sensitive list of 744 items for least developed countries (LDCs) among the seven-SAARC members, thereby, enhancing the number of duty-free items that could be exported by the five LDCs. This decision, which was taken at a meeting of the Union Cabinet on Friday, is part of India's ongoing efforts to open its markets to its South Asian neighbours, particularly to its poor neighbours, without insisting on reciprocity. The LDCs under the South Asian Free Trade Area (SAFTA) include Afghanistan, Bangladesh, Bhutan, Maldives and Nepal. The agreement on SAFTA was signed at Islamabad on January 4, 2004 and came into force from January 1, 2006. India had notified tariff reduction to zero per cent for SAARC LDCs under SAFTA with effect from January 1, 2008. India's exports to South Asia stood at $8.99 billion during 2007-08 ($6.46 billion in 2006-07). The country's imports from that region during 2007-08 stood at $2.12 billion ($1.51 billion). - Our Bureau

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