The SAARC Agreement on Trade in Services, also known as SATIS, is a crucial agreement between the member states of the South Asian Association for Regional Cooperation (SAARC). The agreement was signed on January 6, 2010, in New Delhi, India, and has been implemented since March 11, 2013.
The goal of SATIS is to promote trade in services between SAARC member states by creating a liberalized and transparent environment for the provision of services. It covers a wide range of services, including financial services, telecommunication services, transportation services, and professional services.
One of the key features of SATIS is the National Treatment Principle, which requires member states to treat service providers from other member states on equal terms with their domestic service providers. This principle promotes transparency, fairness, and non-discrimination in the provision of services.
Another essential feature of SATIS is the Most-Favored Nation (MFN) Principle, which requires member states to provide equal treatment to each other in terms of access to their markets and the provision of services. This principle facilitates the creation of a level playing field for service providers from all SAARC member states.
SATIS aims to enhance the competitiveness of the services sector in the region by promoting cooperation and coordination among member states. It also seeks to promote the development of infrastructure and human resources in the services sector.
The implementation of SATIS has led to significant progress in the liberalization of trade in services in the SAARC region. It has improved the investment climate, facilitated the transfer of technology, and increased competition. It has also led to increased employment opportunities and higher living standards.
In conclusion, SATIS is a critical agreement that has the potential to transform the services sector in the SAARC region. It promotes a liberalized and transparent environment for the provision of services, which benefits everyone involved in the services trade. It is hoped that more member states will ratify SATIS and fully implement its provisions, so that the services sector can continue to grow and contribute to the development of the region.