South Asian Free Trade Agreement (SAFTA)
🔶Another attempt was made to strengthen the economic integration of SAARC members with the implementation of the South Asian Free Trade Agreement (SAFTA) in 2006.
🔶In 2004, SAARC summit at Islamabad SAFTA was signed and it was seen as an effort to give a new lease of life to the idea of SAARC.
🔶SAFTA was operationalised from 2006 onwards.
Some Facts and Datas
#Poverty
🍄 The Global Multidimensional Poverty Index (MPI) for 2021, launched by UNDP and Oxford Poverty and Human Development Initiative (OPHI), showed that 27.9% of India's population were multidimensionally poor.
#Climate Change
🍄 The Global Climate Risk Index (2021) ranked India among the Top 10 (seventh-most) affected
country by extreme weather events.
#Agriculture
🍄 An RBI study in 2019 said that 28% of agricultural credit is still provided by the moneylenders, traders and relatives.
• When it comes to small farmers, nearly 60% have no access to bank loans.
■ HOW ARE EARTHQUAKE WAVES PRODUCED ?
#interiorofearth
◇ The abrupt release of energy along a fault (sharp break in the crustal layer) causes earthquake waves. Rock layers along a fault tend to move in opposite directions due to the force excreted on them but are held in place by counteracting frictional force exerted by the overlying rock strata.
◇ The pressure on the rock layers builds up over a period and overcomes the frictional force resulting in a sudden movement generating shockwaves (seismic waves) that travel in all directions.
◇ The point where the energy is released is called the focus or the hypocentre of an earthquake. The point on the surface directly above the focus is called epicentre. An instrument called ‘seismograph’ records the waves reaching the surface.
■ TEMPLES ARCHITECTURE FEATURES.
◇ Gharbhagriha - Literally means womb-house. It is a cave-like sanctum which houses the main icon of the temple.
◇ Mandapa - It is the entrance to the Temple. It may be portico or a hall.
◇ Shikhara / Vimana - It is a mountain-like spire on top. In north India, it is called Shikhara and is curving in shape. In the south, it is like a pyramidal tower and is called Vimana.
◇ Amalaka - Stone-like disc seen at the top of the temple. Mostly in north Indian temples.
◇ Kalasha - It is the topmost part of the temple.
◇ Antartala - It is a vestibule between the Garbhagriha and the Mandapa.
◇ Jagati - This is common in north Indian temples and is a raised platform where devotees can sit and pray.
◇ Vahana - It is the vehicle of main diety and placed in front of Gharbhagriha.
Renaissance
#history
📍 Fifteenth-century Europe was gripped by the spirit of the Renaissance with its call for exploration.
📍 At the same time, Europe made great advances in the art of ship-building and navigation.
5. Economic development and demand of luxury
📍 Economic development of many regions of Europe was also progressing rapidly with expansion of land under cultivation, the introduction of an improved plough, scientific crop management such as crop rotation, and increased supply of meat (which called for spices for cooking as well as for preservation).
📍 Prosperity also grew and with it the demand for oriental luxury goods also increased.
6. Venice and genoa support
📍 Venice and Genoa which had earlier prospered through trade in oriental goods were too small to take on the mighty Ottoman Turks or to take up major exploration on their own.
📍 The north Europeans were ready to aid Portugal and Spain with money and men, even as the Genoese were ready to provide ships and technical knowledge.
7. Treaty of Tordesillas (1494)
In 1497, under the Treaty of Tordesillas (1494), the rulers of Portugal and Spain divided the non-Christian world between them by an imaginary line in the Atlantic Under the treaty, Portugal could claim and occupy everything to the east of the line while Spain could claim everything to the west.
📝 Features of (SAFTA)
🔶Member states will reduce tariff barriers in a time bound manner. Maximum tariff will be in the range of 0-5%.
🔶Non LDC’s of SAARC (India, Pakistan, Srilanka) had a timeframe of 7 years to reduce tariffs, while the LDC’s were provided a time frame of 10 years. As per SAFTA, South Asia was to become a free trade zone by 2016. Instead of positive list, concept of sensitive list was introduced (sensitive list would include items which would not be subjected to time bound commitment with regard to tariff reduction). However, it was agreed upon that sensitive list would be revised regularly with the objective of bringing reductions.
🔶A dispute resolution mechanism for tariff and non-tariff barriers related disputes was agreed upon
