We are signatories to the regional agreements, namely the South Asian Regional Cooperation Association (SAARC) and the Organization of Islamic Countries (OIC). SAARC members include Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka. · Promote and promote trade in services between Member States by establishing a framework for the liberalisation and promotion of trade in services in the region. · Cooperation within the framework of THE ASSOCIATION is based on respect for the principles of sovereign equality, territorial integrity, political independence, non-interference in the internal affairs of other states and mutual benefit. in view of the mandate of the sixth SAARC summit in Colombo to formulate and seek an institutional framework to promote specific trade liberalization measures between SAARC Member States and to examine Sri Lanka`s proposal to implement the SAARC preferential trade agreement by 1997; Where a concessioned product is imported into the territory of a contracting State, in a manner or quantity, under this agreement, in a manner or quantity likely to cause serious harm to the importing contracting State, the importing Member State concerned may, with prior consultation, except in critical circumstances, temporarily suspend, without discrimination, the concession granted under the agreement. When such a measure has taken place, the State party that takes the initiative of this measure simultaneously informs the contracting State concerned and the Consultation Committee with the State party concerned and endeavours to reach an amicable agreement to remedy it. If the State Party does not resolve the matter within 90 days of receiving the initial notification, the Participants Committee will meet within 30 days to review the situation and try to resolve the matter amicably. If consultations with the participants` committee do not resolve the issue within 60 days, the parties involved in this measure will have the right to withdraw equivalent concessions or other commitments that the Committee does not appreciate. 2. SAPTA is subject to the provisions of this agreement as well as to the rules, regulations, decisions, agreements and protocols that must be agreed by the States Parties under it.
As a member of both organizations, the Maldives government has signed and is in the process of implementing these agreements: the Maldives government has begun bilateral trade relations with several countries to promote and develop trade and economic relations. 3. If, within six months of the date of receipt of the notification, no agreement is reached between the contracting states concerned and the notifying contracting State continues to amend or withdraw these concessions, the States Parties concerned may, in accordance with the Committee`s decree, withdraw or modify equivalent concessions in their respective schedules.