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SAFTA agreement positive sum game: RBI Governor

RBI Governor YV Reddy said the SAFTA treaty is a positive sum game and positive to all the economies of South Asia.

business Updated: Jan 07, 2004 17:56 IST

Reserve Bank of India on Wednesday said the landmark SAFTA treaty would be a win-win situation for the economies in the South Asia and pave the way for a strong regional economic block in the region.

"It is a positive sum game and positive to all the economies of South Asia," RBI Governor YV Reddy said on the sidelines of FICCI annual general meeting (AGM).

He said very often people think that South Asia was already moving towards strong economic block in the world.

India and other SAARC countries had decided to work towards creation of a South Asian Economic Union and establishment of a regional food bank as part of its plan of action for poverty alleviation.

The South Asian Free Trade Area (SAFTA) framework treaty was signed by Foreign Ministers of India, Pakistan, Bangladesh, Nepal, Bhutan, Sri Lanka and Maldives on Tuesday.

First Published: Jan 07, 2004 17:56 IST