Mumbai:
The government is working on a package that would
offer the least developed countries of South Asia increased
access to India's markets.
The
prime minister's office will soon convene a meeting to
finalise the package, which is likely to be announced
at South Asian Association for Regional Cooperation (SAARC)
summit in New Delhi in April.
The
package, which is in line with India's commitment to reduce
duties under the South Asia Free Trade Arrangement (SAFTA),
is expected to benefit countries like Bangladesh, Maldives,
Nepal and Bhutan.
Under
the SAFTA, the three non-LDC members India, Sri
Lanka and Pakistan - are required to bring their duties
to less than five per cent in three years.
India
is also working on a similar package for a wider group
of LDCs under the World Trade Organisation (WTO).
India's
trade with SAARC is worth just seven billion dollars against
the country's overall global merchandise trade of over
$300 billion and a reduction in duties offered to these
countries would not in any way harm the country's economic
interests.
SAARC
heads of state gather in New Delhi for the 14th summit
meeting. Formed in 1985, SAARC has India, Pakistan, Sri
Lanka, Bangladesh, Nepal, Bhutan and Maldives as its members.
It has been delayed once, but looks likely to be held
at this new April date.
The
SAARC Council of Ministers will meet on Apr 2 in New Delhi
to fine-tune the agenda.
In recent years annual summits were delayed because of
tense relations between India and Pakistan and deteriorating
security environment in Bangladesh and Nepal.
The
recent events have brought much stability in Nepal and
Bangladesh.
The
last summit was held in Dhaka in November 2005. It was
postponed twice, first time due to the tsunami disaster
and later because of India's reluctance to share a platform
with Nepal's King Gyandendra and terrorist strikes in
Bangladesh.
The
New Delhi Summit would be a major watershed for this two-decades-old
South Asian grouping. Afghanistan joins as a full member
to herald the country's assimilation in the world community.
United States, China, Japan and South Korea are to attend
as observers - a sign that world leaders are taking interest
in SAARC.
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