Consider the following statements: 1. The agreement on South Asian Free Trade Area (SAFTA) came into effect from 1st December, 2005. 2. As per SAFTA agreement terms, India, Pakistan and Sri Lanka have to decrease their custom duties to the level of 0 to 5 percent by the year 2013. Which of the statements given above is/are correct?

1. Statement 1 is incorrect. The agreement on South Asian Free Trade Area (SAFTA) officially came into effect from 1st January 2006, not 1st December, 2005. 2. Statement 2 is incorrect. According to the SAFTA agreement terms, the Least Developed Countries (LDCs) were required to reduce customs duties to 0-5% by 2016. Non-LDCs, including India, Pakistan, and Sri Lanka, had different schedules, generally aiming for reduction to 0-5% earlier, but the specific target year mentioned (2013 for all three to reach 0-5%) is not entirely accurate as per the original phasing, which varied slightly and had initial targets for 2012/2013 but completion by 2016. 3. Therefore, neither statement 1 nor 2 is correct.