(MENAFN) South Asian Association for Regional Cooperation (SAARC) said that it needs to implement economic liberalization to boost trade between its countries beyond the current USD2.5 billion, Xinhua reported.
SAARC Secretary General, Ahamed Saleam, said at the 7th South Asian Free Trade Area (SAFTA) Ministerial Council meeting in Colombo that a reduction of sensitive lists and non-tariff barriers as long as aligning customs procedures are all necessary to increase trade in the region.
Trade between members of SAARC reached USD2.5 billion in 2011 due to members reducing sensitive lists by 20 percent, Saleam added.
"One of the reasons cited is that the number of trade items in the region is still in the sensitive lists of the member states such as agriculture commodities. I am happy however to note that the Phase II exercise to further reduce sensitive lists and liberalize those lists have been undertaken and two meetings in this regard have already been held," he remarked.
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