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Question
State whether the following statement is true or false with reason.
SAARC is important for trade in South Asia.
Options
True
False
Solution
This statement is True.
Explanation:
(i) SAARC has eight member States from South Asia. It aims to accelerate economic growth and promote the welfare of the people of South Asia.
(ii) In 1993, the South Asian Association for Preferential Trade Agreement (SAPTA) came into existence. It was replaced in 2006 by the South Asian Association Free Trade Area (SAFTA).
This helps in trade and economic activity in the region.
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