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Our Bureau

New Delhi , Aug. 20

ADDRESSING the captains of Indian industry at the SAARC Economic Co-operation Conference here on Friday, the Union Minister of State for Commerce and Industry, Mr E.V.K.S. Elangovan, said that he was confident that South Asian Free Trade Area (SAFTA) would become operational from January 1, 2006.

He reiterated that India's approach towards SAARC (South Asian Association for Regional Cooperation) was positive and constructive.

He pointed out how the India-Sri Lanka Free Trade Agreement (FTA) had brought significant benefits to both the countries. He was speaking at a conference jointly organised by the SAARC Chamber of Commerce and Industry (SCCI) and the Federation of Indian Chambers of Commerce and Industry.

The Minister pointed out how both India and Sri Lanka were now keen to engage in wider economic co-operation by including trade in services and investment beyond FTA in goods.

In his welcome address, Mr Macky Hashim, President, SCCI, said that several barriers still existed in the intra regional co-operation and integration. There was a need to take effective steps for removal of barriers taking into consideration other vital aspects involved, he said.

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