Which among the following statements about SAARC is not correct?

SAARC is a major regional initiative by the South Asian states to evolve cooperation through multilateral means.

SAARC members signed the South Asian Free Trade (SAFTA) agreement which promised the formation of a free trade zone for the South Asian countries.

SAFTA was signed in 2005 and came into effect on 1 January 2007.

SAFTA aims at lowering trade tariffs.