New Delhi, August 8 : The Union Cabinet today gave its approval for reducing India's existing Sensitive List of 744 items for Least Developed Countries (LDCs) under South Asian Free Trade Area (SAFTA) to 480 items by deleting 264 items.
The Cabinet also gave its approval for deleting of road map for tariff reductions in respect of the 264 items from the Sensitive List of 744 items.
This is in pursuance of India's announcement during the 14th South Asian Association for Regional Cooperation (SAARC) Summit, held in Delhi, regarding its readiness to accept asymmetrical responsibilities, including opening her markets to her South Asian neighbours without insisting on reciprocity.
SAARC was founded in 1985, by the Heads of State or Governments of Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka.
It provides a platform for the peoples of South Asia to work together in a spirit of friendship, trust and understanding. It aims to accelerate the process of economic and social development in the member States.