SAPTA:- South Asian Preferential Trade Arrangement
The full form of SAPTA stands for South Asian Preferential Trade Arrangement. The South Asian Preferential Trade Arrangement was an Intergovernmental Group (IGG) formed by SAARC members. The mutual trade and the economic cooperation among the member states through the exchange of trade concessions is promoted and sustained by the South Asian Preferential Trade Arrangement. The South Asian Preferential Trade Arrangement, is, therefore, the first step towards higher levels of trade and economic cooperation in the region. The South Asian Preferential Trade Arrangement envisages the creation of a Preferential Trading Area among the seven member states of the SAARC, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka was signed in Dhaka in April 1993. To increase trade between the Asian countries was the goal of the South Asian Preferential Trade Arrangement. And also the South Asian Preferential Trade Arrangement assisted less economically advantaged members through preferential treatment. The South Asian Preferential Trade Arrangement is also used to negotiate incremental Tariff reforms between member countries.
