South Asian Free Trade Area (SAFTA)
The South Asian Free Trade Area or SAFTA is a treaty signed among the member states of the South Asian Association for Regional Cooperation, namely Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. The declared objective of this pact is to promote economic cooperation as well as higher trade amongst the above-mentioned countries through the reduction of various barriers to cross-border movements.
Benefits of SAFTA
• Economic Growth: Economic growth for the region through a dismantling of trade barriers that in turn, would bring increased trade, investment, and foreign exchange earnings, was what SAFTA was supposed to achieve.
• Regional Integration: Closer economic interaction among South Asian nations under the SAFTA would integrate regional markets over time.
• LDC's accommodation: Special provisions have been kept so that LDCs get the benefit of the agreement without being overwhelmed by a more developed nation's competition in the region.
How to Commence Trading Under SAFTA
1. Product Research: Check whether your product is eligible for tariff benefits under SAFTA.
2. Documentation: Prepare all the documents of the trade, such as a Certificate of Origin or customs forms.
3. Rules of Origin: Check whether the products come under the SAFTA Rules of Origin.
4. Submission to Customs: The documents are then submitted to customs in the exporting country.
5. Tariff Reduction Process: Clear the right tariff reductions on goods that fall under eligibility as per SAFTA.
6. Tracking Shipment: Follow all the shipping and financial processes as provided by SAFTA.
Why Choose YKG Global?
- Comprehensive Services: We offer an array of export & Import consulting services for customs made according to your needs.
- Timely delivery: We ensure meeting timeliness to keep your operations running effectively.
- Cost-effective Pricing: Our reasonable cost ensures you receive satisfied service.
- Regulatory Knowledge: We keep you updated about export & Import notifications to help maintain timely compliance.
