The AGM will be inaugurated by the Union commerce minister Ramakrishna Hegde. More than 175 foreign delegates and an equal number of Indian delegates will participate in the AGM, according to chamber's president Kantikumar Podar.

Speaking to newsmen here, Podar said the chamber has drawn up a road map to South Asian Free Trade Agreement (SAFTA) and has broadly resolved a phased removal of all tariff and non-tariff barriers to trade among the seven nations.

Developed economies in the SAARC region (India, Pakistan and Sri Lanka) should establish zero tariff levels on imports of primary products, while the other countries would be allowed to impose a levy up to 10 per cent and gradually phase it out over a period of five years, Podar said.

The draft of the model SAFTA treaty would be debated andpresented to the respective governments of the seven nations within the next three months. The chamber was hopeful of initiating a discussion on the subject at the next SAARC summit at Kathmandu in July-August 1999. The chamber has also identified a list of 50 joint venture projects as recommended by Tata Economic Services.