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Safta agrees on 20pc cut in sensitive lists

Faruk sees South Asia recovery a major challenge

Star Business Desk
Commerce Minister Faruk Khan has observed that South Asia's major challenge is to work its way towards a sustainable recovery.
"Intra-regional trade is an important tool for such recovery,” Khan told the annual meeting of Safta Ministerial Council (SMC) held in Kathmandu on Wednesday, according to an official handout.
Bangladesh's minister led a six-member delegation at the meeting, attended by trade and commerce minis-ters of the member-countries, except Pakistan.
A Safta experts committee meeting was also held on October 26-27.
The SMC agreed to consider a proposal from experts to reduce sensitive lists by 20 percent considering the request of other states while maintaining overall balance in tangible preferential market access.
The council decided to constitute a working group to revise the size of the sensitive lists. This group will complete its assignment by September 2010.
The ministerial meet also approved the recommendation of the experts committee that at end of the present TLP, tariff on 30 percent of the tariff lines outside the sensitive lists might be brought down to zero by all members.
Meanwhile, Faruk Khan had a meeting with his Nepalese counterpart Rajendra Mehta.
Mehta hinted at lifting his country's ban on lentil exports in line with Bangladesh's request.
Khan had also requested Mehta to encourage Nepalese traders to import medicine from Bangladesh.
Both the ministers agreed
to hold a commerce secretary level talk in December in Dhaka.
During a meeting, Indian Commerce Minister Anand Sharma and Khan emphasised enhancing the bilateral trade relation between the two countries.
The Indian minister informed Bangladeshi commerce minister about the initiatives taken by the government of India to develop land customs infrastructure at Indian side.
He also stated that Delhi is favourably considering allowing Nepalese trucks to enter Bangladesh territory.
The Bangladeshi minister requested his Indian counterpart to withdraw the special additional four percent duty levied on items, which enjoy duty free access under Safta.
The Indian Minister agreed to consider it favourably.