Consider the following statements: 1. SAFTA came into effect Dec 1, 2005. 2. India, Pakistan, Sri Lanka must decrease duties to 0-5% by 2013. Which of the statements given above is/are correct?
- A1 only
- B2 only
- CBoth 1 and 2
- DNeither 1 nor 2Correct
Explanation
Statement 1 is incorrect because the South Asian Free Trade Area or SAFTA agreement was signed in 2004 but officially came into effect on January 1 2006 not December 2005.
Statement 2 is incorrect because while the agreement required the Non Least Developed Countries including India Pakistan and Sri Lanka to reduce their customs duties to 0 to 5 percent this target was set to be achieved within seven years of the agreement coming into force making the deadline 2012 rather than 2013.
Since both statements contain factual errors regarding the implementation date and the specific deadline for duty reduction the correct option is D.
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