All concessions granted under this agreement cannot be reduced or cancelled by the application of measures that can be restricted by the contracting states, unless the provisions of other articles of this agreement are applied. Where a concessioned product is imported into the territory of a contracting State, in a manner or quantity, under this agreement, in a manner or quantity likely to cause serious harm to the importing contracting State, the importing Member State concerned may, with prior consultation, except in critical circumstances, temporarily suspend, without discrimination, the concession granted under the agreement. When such a measure has taken place, the State Party that takes the initiative of this measure simultaneously informs the State party concerned and the Committee of Consultations with the State Party concerned and strives to reach an agreement acceptable to both parties to remedy it. If the State Party does not resolve the matter within 90 days of receiving the initial notification, the Participants Committee will meet within 30 days to review the situation and try to resolve the matter amicably. If consultations with the participants` committee do not resolve the issue within 60 days, the parties involved in this measure will have the right to withdraw equivalent concessions or other commitments that the Committee does not appreciate. The SAARC Preferential Trade Agreement (SAPTA), which provides for the creation of a preferential trade area between the seven SAARC member states, namely Bangladesh, Butan, India, Maldives, Nepal, Pakistan and Sri Lanka, was signed in Dhaka in April 1993. The idea of trade liberalization between ASARC countries was first discussed by Sri Lanka at the sixth summit of the South Asian Association for Regional Cooperation (SAARC) in Colombo in December 1991. It was agreed that SAPTA was a springboard for a higher level of trade liberalization and economic cooperation between SAARC member countries. Objective The South Asia Free Trade Area (SAFTA) is an agreement reached on 6 January 2004 at the 12th SAARC Summit in Islamabad, Pakistan.