South Asia: A journey from SAARC to SAFTA

This theoretical paper tries to illuminate the versatile journey of South Asian Countries (SACs) from SAARC to SAFTA. Increasing dominance/discrimination towards Asian developing/less developed countries (LDCs) by developed countries under World Trade Organization (WTO) pushed these countries to cooperate at regional level instead of multilateral. In this response, Zia-ur-Rahman President of Bangladesh encouraged SACs to come together and enjoy the benefits of cooperation at regional level. After several meetings at foreign ministers and secretaries level, seven countries of South Asiathat are vibrant, diverse in nature (size, economic and social development, geography, political system, language, etc) and region with diverse ethnic and religious groups and culture formed South Asia Association for Regional Cooperation (SAARC) in 1985 in Dhaka. After a decade, South Asian Preferential Trading Arrangement (SAPTA) came into existence and then South Asia Free Trade Agreement (SAFTA) in 2006. South Asian Countries after regional cooperation are progressing. In order to enhance trade, countries offered extension concession list and provided special incentives to lessdeveloped countries (LDCs) under SAFTA. Today, SAARC is amongst the fastest growing region/bloc in the world.