UPSC CSE Prelims 2006 Q46 — Indian Economy PYQ with Answer

Consider the following statements:

1. The agreement on South Asian Free Trade Area (SAFTA) came into effect from 1st December 2005.

2. As per SAFTA agreement terms, India, Pakistan and Sri Lanka have to decrease their custom duties to the level of 0 % to 5 % by the year 2013.

Which of the statements given above is/are correct?