3 Ships refer to fishing vessels operating in a country of a contracting state and operated by a citizen or a state party citizen or government or by a partnership, entity or company, duly registered in those States Parties and whose cost is 60% of the equity owned by a citizen and/or the government of that contracting state or 75% of citizens and/or governments of the contracting States. However, products of vessels that engage in commercial fishing under bilateral agreements and provide for the chartering/leasing of these vessels and/or the distribution of catches between the contracting states are also eligible for preferential concessions. We are signatories to the regional agreements, namely the South Asian Regional Cooperation Association (SAARC) and the Organization of Islamic Countries (OIC). SAARC members include Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka. in view of the mandate of the sixth SAARC summit in Colombo to formulate and seek an institutional framework to promote specific trade liberalization measures between SAARC Member States and to examine Sri Lanka`s proposal to implement the SAARC preferential trade agreement by 1997; In its initial phase, ASARC focused on undisputed issues, such as population. B, health, communication, post office, agriculture and rural development, etc. Subsequently, SAARC began to focus on other important issues such as finance, the economy, trade, energy, climate change, transport, etc. For nearly three and a half decades, ASACR has adopted numerous legal instruments covering both agreements and conventions governing mutual cooperation and cooperation in certain areas of common interest. Some of its agreements are as follows: 2. The State Party which intends to withdraw or amend a concession engages in consultations and/or negotiations with a view to reaching an agreement on all necessary and appropriate compensation, with the contracting States Parties with which this concession was originally negotiated and with all other States Parties that have a primary or essential interest in the supply defined by the Committee. (6) The sectoral basis is that of agreements between the Contracting Parties to eliminate or remove tariff, non-tariff and para-tariff barriers, as well as other promotional or cooperative actions for certain products or product groups closely related to final consumption or production. Any disputes that may arise between States Parties regarding the interpretation and application of the provisions of this Agreement or any instrument adopted under it are resolved by mutual agreement between the parties concerned. If a dispute is not resolved, it may be referred to the commission by a party to the dispute.
The committee reviews the matter and makes a recommendation within a hundred and twenty days of the date the dispute was submitted to it. The committee adopts appropriate rules to this effect. 3. If, within six months of the date of receipt of the notification, no agreement is reached between the contracting states concerned and the notifying contracting State continues to amend or withdraw these concessions, the States Parties concerned may, in accordance with the Committee`s decree, withdraw or modify equivalent concessions in their respective schedules. Any such changes or withdrawals are notified to the committee. Notwithstanding the measures provided for in this agreement, their provisions do not apply to preferences already granted or granted by one State party to other States Parties outside this agreement, nor to third countries under bilateral, multilateral and multilateral trade agreements and similar agreements.