Which of the following trade agreements aims to 'strengthen intra-SAARC economic cooperation to maximise the region's potential for trade and achieving development for their people'?

Question

Question

This question was previously asked in

SSC CGL 2023 Tier-I Official Paper (Held On: 21 Jul 2023 Shift 3)

Answer 1

The correct answer is SAFTA.

Key Points

SAFTA stands for South Asian Free Trade Area and is a trade agreement among the member states of the South Asian Association for Regional Cooperation (SAARC).
- SAFTA was signed in 2004 and came into effect in 2006 with the aim to promote and enhance trade and economic cooperation among the SAARC countries.
- SAFTA aims to reduce and eliminate tariffs and non-tariff barriers on goods traded within the region, and to address other issues related to trade in services and investment.
- SAFTA also includes provisions for safeguard measures to protect domestic industries from sudden surges in imports from other member countries.
APTA (Asia-Pacific Trade Agreement) is a trade agreement among six countries in the Asia-Pacific region, while NAFTA (North American Free Trade Agreement) is a trade agreement between the United States, Canada, and Mexico, and LAIA (Latin American Integration Association) is a regional trade bloc in Latin America.
Hence, the correct answer is option 2, SAFTA.