3) South Asian Free Trade Agreement (SAFTA):

• SAFTA was established to promote regional economic integration among South Asian countries. It came into effect on January 1, 2006, with the goal of reducing trade barriers and fostering economic cooperation within the South Asian region.
• SAFTA member countries include Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. These countries are part of the South Asian Association for Regional Cooperation (SAARC), and SAFTA is an integral component of SAARC's efforts to enhance regional cooperation.
• SAFTA aims to promote economic development by creating a free trade area within the South Asian region. The agreement seeks to reduce or eliminate tariffs and non-tariff barriers on substantially all trade in goods among the member countries.
• SAFTA promotes trade liberalization by providing a framework for the phased reduction of tariffs on various goods traded among member countries. The objective is to create a more conducive environment for intra-regional trade and economic cooperation.
• As one of the largest and economically significant countries in the South Asian region, India plays a crucial role in SAFTA. The agreement provides India with opportunities to strengthen economic ties with its neighboring countries and contribute to the overall development of the region.