ISLAMABAD, Dec 30: The Central Board of Revenue (CBR) on Saturday notified the second phase of the agreed reductions in tariffs under the South Asian Free Trade Agreement (Safta) effective from July 1, 2006.

The amendments were introduced through the customs notification SRO1274 of 2006 in supersession of its previous SRO695 of 2006 notifying the first reduction in customs tariffs under Safta. The tariffs have now been reduced for both least developed countries (LDCs) and non-LDCs.

The notification carried agreed reduction in tariffs on 4,800 tariff lines for LDCs-Bangladesh, Bhuttan, the Maldives and Nepal.

It also carried concessional tariffs for non-LDCs members like India and Sri Lanka. The full text of the notification is posted on the CBR’s website at www.cbr.gov.pk