India has always enjoyed a favourable trade balance with SAARC countries.
Sri Lanka is Indias largest trading partner in the Saarc followed by Bangladesh, Nepal and Pakistan. India has a free-trade pact with Sri Lanka, while Nepal enjoys duty-free access to Indian markets. Trade with other Saarc countries, namely Bhutan, Afghanistan and Maldives, is bolstered with their the least developed country (LDC) status. The potential of trade among Saarc nations is set to multiply with the increased focus of these countries to tap Asian markets more aggressively in the wake of the continuing global crisis that the resultant slump in trade with Europe and the US.
Another factor that would give an impetus to intra-Saarc trade is the recent decision of Pakistan to grant most-favoured nation (MFN) status to India, which means non-discriminatory treatment to the country's exporters.
Besides petroleum products, India exports pharmaceutical products, machinery, cotton and sugar, among others to all these countries. Petroleum products are not exported to Pakistan at present.
We opened up the entire South Asian Free Trade Agreement (Safta) a few
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