What is the Full Form of SAFTA?

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SAFTA full form

SAFTA full form is the South Asian Free Trade Area. The SAFTA is a free trade agreement between the members of the South Asian Association of Regional Cooperation (SAARC). This agreement was signed on 6 January 6 2004 and it came into effect on 1 January 2006. The SAFTA agreement was signed to promote and maintain mutual trade as well as economic cooperation within the region. Stay tuned and continue reading to learn more about SAFTA full form!

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How many countries are in SAFTA?

There are around 8 countries in SAFTA. The members of SAARC are under the SAFTA agreement. This agreement created a free-trade area of 1.6 billion people in Afghanistan, Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan and Sri Lanka. The main aim behind this agreement is to reduce the customs duties to zero level and increase economic cooperation and integration.

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What is the main Objective of the SAFTA Treaty?

Source: Corpbiz

Mentioned below are the objectives of the SAFTA agreement:

  • Promote trade liberalization in the South Asian region.
  • It offers a framework for the elimination of tariffs and non-tariff restrictions to trade among SAARC member countries.
  • To promote economic cooperation and integration.
  • It aids in creating an environment for investment opportunities in the South Asian region.
  • SAFTA promote equal trade opportunities and eradicates any kind of discriminatory treatment amongst the member countries. 
  • To enhance competitiveness and cooperation in technology transfer, Research and development, and Capacity Building.

NOTE: The exporters of the member countries need to possess a SAFTA certificate to avail reduced or zero tariffs on eligible products.

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