New Delhi: Allaying fears that the South Asian Free Trade Agreement could hurt smaller SAARC countries, Prime Minister Manmohan Singh on Thursday said that the implementation of the agreement is expected to enhance trade in the region .
The trade profits could go up to $14 billion from the current $ 6 billion in the next two years.
Inaugurating the first SAARC Business Leaders Conclave here, Singh said the high growth of bilateral trade between India and Sri Lanka has dispelled fears on both sides that free trade would hurt business in smaller countries.
"The agreement is a win-win situation for both India and Sri Lanka and could be a model for similar agreements in the region," he said.
He added that the SAARC leaders must move rapidly to meet the deadline for SAFTA.
"The need for implementing SAFTA cannot be over-emphasised," the Prime Minister said.
He also expressed the hope that the free trade agreement will help move forward towards the eventual goal of South Asian Economic Union.
"I do believe that just as regional integration is not antithetical to globalisation, it also does not hurt the broader interests of any member of a regional group," he said.
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