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The paper evaluates the South Asia Free Trade Agreement (SAFTA) within the global structure of overlapping regional trade agreements (RTAs) using a modified gravity equation. First, it examines the effects of the Trade Liberalization Program which started in 2006. SAFTA would have a minor effect on regional trade flows and the impact on custom duties would be a manageable fiscal shock for most members. Second, the paper ranks the trade effects of other potential RTAs for individual South Asian countries and SAFTA: RTAs with North American Free Trade Agreement (NAFTA) and the European Union (EU) dominate one with the Association of South East Asian Nations (ASEAN).

Free trade --- Free trade and protection --- Trade, Free --- Trade liberalization --- International trade --- South Asian Free Trade Area Treaty --- SAFTA --- Exports and Imports --- Taxation --- Trade Policy --- International Trade Organizations --- Economic Integration --- Trade: Forecasting and Simulation --- Empirical Studies of Trade --- Trade: General --- International economics --- Public finance & taxation --- Tariffs --- Trade balance --- Imports --- Trade barriers --- North American Free Trade Agreement --- Taxes --- Tariff --- Balance of trade --- Commercial policy --- Commercial treaties --- Sri Lanka