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Accord highlights

By Our Islamabad Bureau

ISLAMABAD Jan. 3. The following are the highlights of the agreements cleared by the SAARC Council of Foreign Ministers.

The Council has cleared the SAFTA Framework Agreement and given it to the SAARC heads for approval.

The agreement will enter into force by January 1, 2006, after the completion of the required formalities including ratification by all member-States.

Non-Less Developed Countries (LDC) will reduce their tariffs to 0-5 percent in seven years from the date of entry into force of the agreement. The LDC member-States will reduce their tariffs to 0-5 per cent in 10 years.

Each member-State will be allowed to maintain a sensitive list of products on which tariffs will not be reduced. This list will be finalised between now and the date on which the SAFTA agreement is expected to enter into force, i.e. January 1, 2006.

The text of the Additional Protocol to the 1987 SAARC Convention on Suppression of Terrorism has also been finalised. This new instrument contains measures for combating financing for terrorism in pursuance of the U.N. Security Council Resolution 1373.

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